Carmel, IN—46032
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Carmel, IN
As of Oct '25, the median home price in Carmel, IN is $559,000, with a year-over-year change of 3.3%. This indicates that home prices in Carmel, IN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $559,000 | 3.3% |
| Single Family | $596,000 | 3.7% |
| Condos | $324,000 | 3.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $336,000 | 4.0% |
3 Bed | $451,000 | 3.0% |
4 Bed | $600,000 | 4.0% |
| 5 Bed | $1,050,000 | 5.5% |
% of Housing Stock
Rental Trends — Carmel, IN
As of July '25, Rentcast reports the average rent in Carmel, IN is $2,540, with a year-over-year rent change of -4.9%. Per bedroom, the median rent as of July '25 in Carmel, IN is studios: $1,420, 1-bedrooms: $1,450, 2-bedrooms: $2,030, 3-bedrooms: $2,840, 4-bedrooms: $3,500. The most common rental property sizes in Carmel, IN are 2-bedroom and 1-bedroom, accounting for 36.5% and 35.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,480 | $2,540 |
| Studio Rent | $1,420 | $1,420 |
| 1 Bed Rent | $1,480 | $1,450 |
| 2 Bed Rent | $1,900 | $2,030 |
| 3 Bed Rent | $2,800 | $2,840 |
| 4 Bed Rent | $3,200 | $3,500 |
% of Rental Stock
Property Listings — Carmel, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Carmel, IN is 44. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $626,000 | 13.0% |
Listing Count | 203 | 19.0% |
| Listings as % of Homes | 0.4% | 19.0% |
Days on Market | 44 | -5.0% |
Demographics — Carmel, IN
As of the latest ACS Survey released in 2023, Carmel, IN has a population of 51,200, which has increased by 4.8% over the past 5 years. Carmel, IN is a moderately popular place for families, as children make up 24.7% of the population. The area has a highly educated workforce, with 75.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 24.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 51,200 | 4.8% |
% Under 18 | 24.7% | -2.0% |
% Seniors | 14.5% | 16.9% |
% WFH | 24.6% | 151.0% |
% w/ College Degree | 75.4% | 9.0% |
As of the latest ACS Survey released in 2023, Carmel, IN is a predominantly white area, with 77.1% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Carmel, IN is asian, making up 9.9% of the population. Foreign-born residents account for 12.8% of the population in Carmel, IN, and this percentage has increased by 10.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 77.1% | -5.4% |
% Black | 4.4% | 57.1% |
% Hispanic | 5.3% | 32.5% |
% Asian | 9.9% | 11.2% |
% Foreign Born | 12.8% | 10.3% |
Mortgage and Risk — Carmel, IN
According to HUD data as of 2023, there were 1214 mortgage originations in Carmel, IN, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Carmel, IN. Investor activity is low, as 2.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,214 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Carmel, IN
As of 2024, the percent of homes in Carmel, IN under the Section 8 program is 0.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Carmel, IN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 31 |
Total Units Section 8 | 31 |
% Rentals under Section 8 | 0.0% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $1,480 | $1,510 |
| 2 Bedroom | -$140 | $1,900 | $1,760 |
| 3 Bedroom | -$510 | $2,800 | $2,290 |
| 4 Bedroom | -$420 | $3,200 | $2,780 |
Affordability — Carmel, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $559,000 |
| Median Household Income | $123,000 |