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Carmel, IN—46033

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$592,000
4.2% YoY Growth
Household Income
$151,000
13.7% YoY Growth
Days on Market
35
41.0% Longer YoY
Home Price Forecast
0.9%
Median Rent
$2,600
6.0% YoY Growth
1-Bed Rent
$1,150
68.6% YoY Growth
2-Bed Rent
N/A
N/A
3-Bed Rent
$2,400
2.9% YoY Growth

Other Zip Codes in Carmel, IN

4628046032
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Carmel, IN

As of May '26, the median home price in Carmel, IN is $592,000, with a year-over-year change of 4.2%. This indicates that home prices in Carmel, IN are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$592,0004.2%
Single Family $598,0004.4%
Condos $380,0001.6%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$428,0002.1%
    3 Bed
    		$496,0002.9%
    4 Bed
    		$591,0004.6%
    5 Bed $838,8504.9%
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    % of Housing Stock

    Studio
    0.4%
    1 Bedroom
    2.6%
    2 Bedrooms
    8.5%
    3 Bedrooms
    22.9%
    4 Bedrooms
    46.3%
    5+ Bedrooms
    19.2%

    Rental Trends — Carmel, IN

    As of July '25, Rentcast reports the average rent in Carmel, IN is $2,660, with a year-over-year rent change of 6.0%. Per bedroom, the median rent as of July '25 in Carmel, IN is 1-bedrooms: $1,180, 3-bedrooms: $2,510, 4-bedrooms: $3,020. The most common rental property sizes in Carmel, IN are 2-bedroom and 3-bedroom, accounting for 36.8% and 28.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,600$2,660
    Studio Rent N/AN/A
    1 Bed Rent $1,150$1,180
    2 Bed Rent N/AN/A
    3 Bed Rent $2,400$2,510
    4 Bed Rent $2,850$3,020
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    % of Rental Stock

    Studio
    3.4%
    1 Bedroom
    19.8%
    2 Bedrooms
    36.8%
    3 Bedrooms
    28.7%
    4 Bedrooms
    8.4%
    5+ Bedrooms
    2.8%

    Property Listings — Carmel, IN

    As of May '26, Realtor.com reports that the median days on market for a home in Carmel, IN is 35. This is a increase of 41.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$581,000-1.0%
    Listing Count
    		13129.0%
    Listings as % of Homes0.5%29.0%
    Days on Market
    		3541.0%
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    Demographics — Carmel, IN

    As of the latest ACS Survey released in 2023, Carmel, IN has a population of 40,200, which has increased by 4.1% over the past 5 years. Carmel, IN is a popular place for families, as children make up 27.0% of the population. The area has a highly educated workforce, with 72.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 23.5% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		40,2004.1%
    % Under 18
    		27.0%-5.3%
    % Seniors
    		16.0%13.5%
    % WFH
    		23.5%205.2%
    % w/ College Degree
    		72.2%-1.4%
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    As of the latest ACS Survey released in 2023, Carmel, IN is a predominantly white area, with 78.8% of the population identifying as white. The white population has shrunk by 9.7% in the last 5 years. The second most common race or ethnicity in Carmel, IN is asian, making up 7.8% of the population. Foreign-born residents account for 10.6% of the population in Carmel, IN, and this percentage has increased by 37.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		78.8%-9.7%
    % Black
    		2.3%15.0%
    % Hispanic
    		6.6%135.7%
    % Asian
    		7.8%21.9%
    % Foreign Born
    		10.6%37.7%
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    Mortgage and Risk — Carmel, IN

    According to HUD data as of 2023, there were 884 mortgage originations in Carmel, IN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Carmel, IN. Investor activity is low, as 4.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		884
    % Conventional Loans
    		92.0%
    % Government Loans
    		8.0%
    % Investor Loans
    		4.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		11.0%
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    Rentals and Section 8 — Carmel, IN

    Carmel, IN lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		1
    Total Units Section 8
    		1
    % Rentals under Section 8
    		N/A
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$420$1,150$1,570
    2 BedroomN/AN/A$1,840
    3 Bedroom-$10$2,400$2,390
    4 Bedroom$60$2,850$2,910

    Affordability — Carmel, IN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.5
    Median Home Price$592,000
    Median Household Income$151,000

    Carmel, IN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    46280

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    Carmel, IN

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    Frequently Asked Questions