Property Management Blog

Greenwood Indiana Rental Market Update February 2023

Chris Knight - Wednesday, March 22, 2023

Greenwood Indiana Rental Market Update February 2023

Hey, guys, listen up. Greenwood market report is very interesting this month. These are numbers that you definitely want to be in tune with if you are already investing or thinking about investing in the Indianapolis metro area. These numbers are making Greenwood look very, very interesting. My name is Chris Knight, business development manager with Red Door Property Management. I'm sure you're already aware of that because you are already liked and subscribed because, well, how could you not be? These are numbers you don't want to miss coming out on a month to month basis, by the way. Happy March madness. Let's go. IU 

Active Homes

All right. Here we go. It's right in front of us. Now, what we're seeing is active homes. We have more than some of the other suburban areas that we've already talked about today as far as active homes on the market, we have more in Greenwood. 

Average days on the market

And then I'm immediately going to jump all the way over here to the average days on the market. This is what we like to see.26 average days on the market indicates a very healthy market. That's a great number to see. 

Median rental price over time

Now, I'm going to slow down a little bit. I'm going to back up over to our medium rental price over time graph here. I mean, this looks like a fun rollercoaster to be on, am I right? And it's kind of scary looking at it at first, for sure. And I always first want to caution on what we might see in the future going over the next couple of months. So we see a sharp increase, it seems to follow the 2022 timeline. And unfortunately, I do expect this to level out and probably come down a little bit, because we're going to see our average days on the market go up as we see the median rental price tick up as well as we get into March. But we'll worry about March when it gets here, am I right? But for now, we're looking down 44% from January as far as our average days on the market. 

Average rent

And then our average rent, which also looks really healthy. I mean, 1680, we're down 1% from January, only down 3%from really a very great time in the market for all of the indie metro area, we're only down 3% from that. I mean, this would indicate that Greenwood is looking like a very good market to bethinking about throwing your investment dollars at. So, as I've alluded to in some of the other videos, we are going to eliminate our absorption rate box here. And what we're going to start adding is what's it cost to get into this particular market, what's it cost to purchase a home at the low end? What's it cost to purchase a home at the high end? And then what's the median cost of home to invest in this particular market? So I wish we had those numbers here for you today. Be sure again to like and subscribe if you haven't already, so that you don't miss out when we do update that category. 

So this is your market report for Greenwood. Very quick, very easy. Good numbers to be looking at as far as markets go. Right now, the only thing I would caution is just where we tend to be trending here come March. Let's not get too excited. I do expect this to level out as the market begins to continue to stabilize, but nonetheless, these are definitely good numbers that we want to be seeing. So let's keep an eye on our average days on market in our next month's Market Report. Any questions or comments, throw them down there in the comment box. I'll be sure to get back to you as soon as I can. We'll talk to you next month.