Noblesville Indiana Rental Market Update January 2023
Hey, guys. Chris Knight here. Business development manager with Red Door Property Management. I very much appreciate you tuning in. I know you're wanting to stay on top of market trends, as am I. Right now, we're about to dive into the Noblesville January 2023 market report, which is really starting to show some signs of stabilization. And if you've been tuning into any of these market reports, you're hearing that word a lot. Stabilization, volatile market. So, it's really refreshing to see some of the numbers that we're seeing specifically due todays on the market, the median rental prices trend that we're seeing in the graph. Those are two areas that you're going to want to look at as we get into the report here in just a moment. But just really excited about some of the information I'm seeing here based on the Noblesville report. If you haven't already, jump into the other market reports as well. Some very interesting stuff is happening and really just wanting to establish a trend as we do more and more of these market reports. So be sure to continue to tune in and see what develops. Very interesting market that we find ourselves in. But all shut up now and let's dive into Noblesville January 2023.
All right, my Noblesville market enthusiasts, here we go with Noblesville January 2023 market reports. If you watched any of these consistently, you'll know that this again is one of my favorite areas around Indianapolis to invest in. So, one of the areas I'm very passionate about, keeping a close eye on, this Fisher's Anderson is a very close and newly expanding market. So, I'll be doing a market report on that also here later today. So be sure to check that out. Interesting information coming from that one, without a doubt. So, without further ado, let's jump in here and go over this one really quick. So, we've got currently active homes 102, which is just down, I believe from 106 last month, if I'm not mistaken. But being pretty consistent with our overall active homes in the area.
Average days on the market
This is a great market, typically, again, driven by the school system average days on the market. Let's take a quick note at this is down from our market report last month. In fact, it's down 20% from 39 days. We're down to 31 days. That's an excellent sign for this market. Obviously, the lower number of days on the market, the stronger this rental market will be. What I'm also excited to see is some leveling out. You'll notice here we do have some preliminary numbers coming in for February, so it's not going to give us a lot of data. But we obviously see from January to February we have some leveling out, right? In fact, not only some leveling out, as we were on our way down here at the latter part of 2022, we might even see some increases.
Well, in fact, we do up 1.9% for our average monthly rent to 1795, which is great for Noblesville. Well, you'll see, that's up almost 10%from January, the prior year, and it seems that we might be leveling out. Although let me caution you, this is too early to really be establishing a trend, considering the volatile market. But this, this is exciting stuff for me to see. For this market. Noblesville is giving off some very strong signs here. So, we're going to go into all the way from average days on the market, which we're excited about.
Down to the absorption rate. So, this I always like to tell people it is the overall temperature of the market, whether it's heating up, cooling down, an absorption rate anywhere between one and two is ideal. Typically indicates a fairly stable market. And if you're not sure what that is, what it is it would take us roughly 1.7months to burn through our current active homes inventory. So, if we didn't add any new homes to the market, 1.7 months to burn through that current inventory. So really a pretty healthy market. I like to see a little bit closer to 1.0 for a really thriving market, but 1.7, I will take it all day long. And again, what I will really take is an average day on the market, down to 31 is great. I can only hope that that continues. So, I don't know.
Let's take a look at next month's and see if we can start to begin to see a trend gathering here. Check in for next month's Smarter Report to find out.