Fishers October 2025 Market Report: Tightening Inventory, Strong YoY Rent Growth, and Investor Entry Points
Fishers continues to justify its “A-market” reputation. October brought fewer active rentals (less competition), rents that remain well above last year, and healthy (though seasonal) time-to-lease. On the sales side, investor activity is concentrated below $350K, with meaningful volume in the $200–$300K bands. With a rental cap taking effect soon, expect continued upward pressure on pricing and persistently strong demand tied to schools and amenities.
Rental Market — October 2025 Snapshot
- Active single-family rentals: 115 (down MoM — tighter competition)
- Average rent (SFH): $2,407 (+9.5% YoY, −1.5% MoM)
- Average Days on Market (SFH): 47 (healthy for Q4; strong operators can beat this)
- Avg. price per sq ft (SFH): $0.97 (−3% MoM, larger average homes)
- Apartments & Condos: 35 listed; avg. rent $1,944; ~$1.65/sf
- Townhomes: 37 listed; avg. rent $2,245; 52 DOM; ~$1.40/sf
Read: Supply tightened and YoY rent growth is robust. The slight MoM slip is normal seasonality. If you’re vacant now, price within the freshest comp set and tighten feedback loops so you can adjust inside 7–10 days.
Why Fishers Keeps Winning
Schools, lifestyle amenities, and consistent household formation keep Fishers resilient. Policy changes that cap rentals further constrain supply, which typically supports rents over time.
Sales Market — Investor Lens (≤$500K)
- Average Days on Market: 32 (−11% MoM)
- Avg. price per sq ft: $187 (down MoM, +~2% YoY)
- Average sales price (≤$500K cap): $364,544 (methodologically corrected)
- Closings (October): 105
Price bands that matter: The meat of the investor market sits under $350K, with notable activity in the $300–$350K range. Budget-savvy buyers still find options at $200–$300K: roughly 42 sales closed at $200–$250K in October, and there were even 5 sales under $200K (move fast when they appear).
Rental Cap: What to Expect
Fishers is implementing a rental cap starting in early 2026. Capping the supply of rentable units typically pushes rents higher over time and enhances retention incentives for existing landlords. Net: scarcity + top-tier schools = durable demand.
Action Plan for Investors & Owners
- Leasing now? Price to win Q4. Use 8–9 month initial terms to re-anchor renewals into May–July.
- Buying? Hunt aggressively in $250–$350K. Keep a standing search for under-$250K opportunities; be offer-ready.
- Underwriting: Model conservative rent growth for the next 90–120 days, then resume normal trend lines post-holiday.
- Screening: Fraud risk remains elevated—use rigorous ID + income + bank verifications (credit score alone is insufficient).
Bottom line: Fishers pairs structural demand with constrained supply. If you own here, protect occupancy and align lease expirations with peak season. If you’re buying, sub-$350K targets with clean fundamentals are your best mix of yield, liquidity, and resilience.
From Red Door Property Management Indianapolis
Transcript Here
PREVIEW — 0:00
Under $200,000 in the community of Fishers right now. Only five of them sold, so you better be aggressive at it, but you can certainly still get into this market, and there’s plenty of opportunity there to make some serious coin. This could directly be due to our amazing podcast. I mean, we could be single-handedly driving the Fishers market. We’re driving investors to this market as quick as they can possibly pile in.
RENTAL DATA — 0:24
All right, we’re going to get into Fishers. And now being live, I feel the need to go over previous sentiment on the market. I’m going to try to keep that to a minimum here in the essence of time. Fishers has been like a bad stepsister where sometimes it acts out a little bit, and so I tend not to recommend it, and then all of a sudden it comes back into favorability. Right now it’s consistently been in favor.
If you’re not familiar with what’s happening in Fishers, there are some rental caps that are happening, not only in Fishers but in Carmel. Check back to a previous podcast if you want some more information on that. It’s something you should absolutely be aware of whether you already own a property in the area or you’re an active investor. Fishers is an absolutely stellar market to be a part of if you get an opportunity to do so.
Let’s go over some of the data here. Number of active homes: you have 115 active homes currently on the market, which is down month over month. If you are in this current market, that’s probably good news. Your competition is down.
Average rental price at $2,407, which is down 1.5% month over month, but it’s up just over 9.5% year over year, which is absolutely stellar. And as rental caps become instated, I highly am of the opinion that that’s going to continue to go up.
Average days on market is at 47, which in my opinion as far as data collection is healthy. If you’re with a strong property management company, you’re beating that no problem.
Average price per square foot is down 3% at $0.97 per square foot. They must just be building bigger homes there in the Fishers area.
Apartments and condos: 35 active currently on the market, $1,944 average rental price, and $1.65 is your average price per square foot.
Townhomes: 37 active, $2,245 average price, 52 days on market, $1.14 price per square foot.
Your single-family homes graphs down there for your easy consumption — the far left corner looks consistent, predictable, healthy. This is an absolutely stellar market that is driven by its good school systems, which they are highly dedicated to continue to maintain. If you have an opportunity to get into the market, you should be looking at doing so.
Just to highlight the point of the rental cap, today is November 11th. You’ve got about 45 days to scoop them up because there’s going to be that 10% rental cap starting January 1st. I’m really curious to follow this market over the next year or two as that rental cap kicks in and takes effect. I think it’ll push up rental prices personally, but we’ll see.
You put a cap on supply — that’s how normal economics works, but I’m not an economist.
SALES DATA — 3:55
All right, let’s get into the sales data here in Fishers. If you’re interested in entering the market here and the tight timeline you have available to do so: average days on market is currently at 32, which is down. This could directly be due to our amazing podcast. We could be single-handedly driving the Fishers market. We’re driving investors to this market as quick as they can possibly pile in.
The average days on market is down over 11% month over month. Properties are flying off the shelf.
Average price per square foot is at $187, which is down, but it’s up year over year just over 2%. Average sales price at $460,262, which month over month is up almost 25%. That’s insane. Year over year it’s up well over 25%.
Number of homes sold is 105 in the month of October.
Average sales price over time — look at that. That is insane. That is a trend. I’d be hard-pressed not to believe that that’s got everything to do with the rental cap. What’s happening there? I’ve got to believe that’s a bad number. We talked about that. I’m going to double-check it right now because—
Okay. You keep going.
Let me filibuster here for a second. All right, so number of homes sold there in the bottom right-hand box — this is exactly what I’d be paying attention to. You’re looking at the meat of the market there. Three hundred to three-fifty is where the majority of your homes are being sold.
Now if your budget’s a little bit tighter like mine is, that 250 to 300 or even the 200 to 250 — if that’s where your budget lies, it’s obvious that you can still get into this market at that price point. Forty-two homes alone sold in October for 200 to 250.
Even if you’re doing fixer flips, from zero to 200,000, you can get in under 200,000 in the community of Fishers right now. Only five of them sold, so you better be aggressive at it, but you can certainly still get into this market, and there’s plenty of opportunity there to make some serious coin.
Yeah. So that is right and wrong at the same time. What that did not account for is that I think that is the correct number if you do not look at it from the investor point of view and cap that at $500,000. That is probably overall the average number — the average sales price in Fishers. But when you cap it at 500, it comes in at $364,544. That’s more in line with what we’ve been seeing.
That does not change our bottom right-hand box — your number of homes sold. Those are the accurate numbers. That’s the box you really want to pay attention to in this market.
Yeah. And for me, if I’m an investor in Fishers, I’m staying under 350 if I can all day. I’m 250 to 300 — that’s probably where I’m going to look, but I’m not going to disregard the 200 to 250.
