The State of Real Estate in Carmel Indiana
As the housing market continues to improve, buyers will choose to call Carmel home for a number of reasons. All of its schools receive an “A” rating from the state, real estate taxes are comparatively low, the community values family and culture and it has a vibrant downtown Arts and Design District.
Carmel has what homebuyers want; safe neighborhoods, great schools, a clean well-managed city, high quality housing in a variety of prices, good shopping and a reasonable commute to their place of work. While other communities in Central Indiana offer many of these characteristics, Carmel offers them all.
Carmel is fortunate to have great stability in the real estate market. One of the top search criteria for buyers is schools; Carmel Clay School system continues to be recognized for their outstanding academic results. We also have a solid corporate base. The Meridian corridor, for instance, has attracted many businesses which help keep our tax base low.
From a real estate perspective, Carmel is one of the outstanding choices in Indiana. There’s a wide range of price points, convenience, rural, suburban or urban locales, low taxes and downtown expansion. Even the roundabouts are paying huge dividends by decreasing traffic congestion and lowering injuries from accidents by nearly 70%.
If anyone has any desire to either purchase their first home or move up to a larger one, 2013 may be the best year in our lifetime to accomplish that goal. With prices and mortgage rates at record lows, the housing market is in desperate need of good, clean marketable homes as inventory is not keeping up with demand. We are witnessing an historic opportunity for those who want to either buy or sell a home in Carmel.
The revitalization of our downtown has greatly increased our visibility. Carmel City Center and the Carmel Arts & Design District offer diverse retail shops, restaurants and art galleries. The grand Palladium and surrounding theaters provide upscale entertainment. The city proudly maintains 5.2 miles of the Monon Trail and 12 community parks with various amenities. Carmel is truly delivering a lifestyle that will continue to attract people who want to call it home.
Carmel has so much to offer that its real estate will entice anyone looking for a smart purchase. Consumers who are ready to buy will discover that now is a good time. Shrinking inventories are one positive sign. In May 2012, 789 homes were for sale, 66 fewer than the year before. Housing prices remain conservative and the typical rate on a 30-year fixed mortgage is still below four percent. These factors have created a golden opportunity to invest in the Carmel community.
A trend that is not often talked about is the availability of raw land for Carmel residential properties. They aren’t making any more Carmel land. For forty years there has been plenty of development potential inside the city. That expansion is coming to an end. Carmel is entering another phase of its evolution and becoming a “mature” community. I believe we are already seeing this in the redevelopment of the Rangeline Road corridor and areas like the old downtown district. With less residential construction to compete going forward, Carmel will experience even greater upward pressure. We’re witnessing the earliest signs of that now.