Carmel, IN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Carmel, IN Housing Market Trends

With a population of 101,068, 36,954 total housing units (homes and apartments), and a median house value of $409,454, Carmel house prices are not only among the most expensive in Indiana, Carmel real estate also is some of the most expensive in all of America.

Carmel is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Carmel than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Carmel. Owner-occupied housing accounts for 75.24% of Carmel's homes, and 60.34% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Carmel built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Carmel built between 2000 and later ( 35.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.54%). There's also some housing in Carmel built before 1939 ( 1.13%).

Carmel Home Appreciation Rates

Appreciation rates for homes in Carmel have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 44.94%, which ranks in the top 40% nationwide. This equates to an annual average Carmel house appreciation rate of 3.78%.

Over the last year, Carmel appreciation rates have trailed the rest of the nation. In the last twelve months, Carmel's appreciation rate has been 5.52%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Carmel were at 2.09%, which equates to an annual appreciation rate of 8.62%.

Relative to Indiana, our data show that Carmel's latest annual appreciation rate is lower than 70% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Carmel differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Carmel - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Carmel real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$409,454

Carmel, IN HOME PRICES

> $1,186,000
2.0%
2.0%
$890,001 - $1,186,000
4.4%
4.4%
$593,001 - $890,000
12.3%
12.3%
$474,001 - $593,000
13.7%
13.7%
$356,001 - $474,000
24.4%
24.4%
$237,001 - $356,000
25.8%
25.8%
$119,001 - $237,000
14.4%
14.4%
$59,001 - $119,000
1.8%
1.8%
$0 - $59,000
1.1%
1.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IN

Value Relative To Nation

Number Of Homes And Apartments:
36,954

Carmel Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
66.58% 2.43%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,767 / per month

Homeownership Rate

Owners
75.2%
75.2%
Renters
24.8%
24.8%
Vacant
6.2%
6.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
35.1%
35.1%
1970 - 1999
50.2%
50.2%
1940 - 1969
13.5%
13.5%
1939 or Older
1.1%
1.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.8%
72.8%
Townhomes
4.0%
4.0%
Small Apt. Buildings
3.8%
3.8%
Apt. Complexes
19.3%
19.3%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
7.9%
7.9%
2 Bedrooms
16.1%
16.1%
3 Bedrooms
24.1%
24.1%
4 Bedrooms
36.2%
36.2%
5 or more bedrooms
14.5%
14.5%
0.0% 100.0%
% OF HOMES