Noblesville Indiana Rental Market Update November 2022
Hey guys, welcome back. Chris Knight, business development Manager, here with Red Door Property Management, to give you a quick Noblesville Market update for November of 2022. One of my favorite things to talk about is going to be these market reports. As we all know, the real estate market is kind of in a fluctuating pattern right now. And in the Noblesville markets we are although in my opinion, beginning to see some stabilization. We do still have a few wild figures to go over. Without further ado, let's jump in.
New Listing | Active Homes
Hey guys. Okay, let's dive into our Noblesville Market update for 2022 November. So, under new listings we have 21 new listings with a total of 30 active homes currently on the market. This would indicate a 24% increase from the prior year with only an 11% increase from the prior month. So, we are beginning to see the surplus slow down slightly. But as we get into some of these other numbers, we will easily see that surplus is still a factor here in the Nobles of market.
So rented homes here, for example, we are down 7% from the prior year, down 7% from just the prior month of overall rented homes in the rental market for November. So, with the surplus that we're seeing and the market beginning to slow down, market rents, not sure where they're going to stabilize that. We're seeing a decrease of the overall rented homes here in the Noblesville Market going over to average days on the market.
Average Days on Market
Now this is going to be a big indicator as we are seeing a 57% increase from just the prior month of average days on the market. Now this is pretty staggering number. Again, I think a lead indicator of this is going to be our surplus that's been hitting the Noblesville Market. So, homes are just beginning to stay on the market just a bit longer.
Going down into the figure that I know most people are really interested in. Let me move my little bubble here. But we are seeing the average rental rates has increased since the November of 2021 and we are still increasing from just the prior months. Now with homes remaining on the market 57%longer, these rents are going to be stabilizing. And with this figure here, I wouldn't be surprised if when we get into the December market update, that we are seeing a negative number in this category.
Now over here, I really love this little slide as this captured over a twelve-month period. And this really gets into what our firm likes to consider the meat of the market. So, where the real rental rates are hot. And as you can see here, over the last twelvemonths, the number of properties that have rented and the rental rate that these homes are currently achieving. So, if you're looking at investing into this market, this is kind of really the meat, that you want to try to stay around. You will see less days on the markets as compared to some of these other rental rates in the Noblesville area.
And then lastly, as we get into the absorption rate, really just determining the health of the overall market, I like to think the closer we get to a 2.0or a two-month overall absorption rate, which if you're not aware, the absorption rate will determine roughly how many months it would take to burn through the currently active homes that we have on the market. So right now, roughly a 2.3 absorption rate. I am beginning to believe that again, as we get closer to a 2.0 is going determine a more stabilized or healthy market.
So that's going to be your market update here for Noblesville, November 2022. Thanks for watching.