Carmel, IN—46033
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 $566,000, with a year-over-year change of 3.6%. This indicates that home prices in Carmel, IN are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $566,000 | 3.6% |
| Single Family | $571,000 | 4.2% |
| Condos | $383,000 | 4.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $417,000 | 3.2% |
3 Bed | $477,000 | 3.2% |
4 Bed | $564,000 | 4.4% |
| 5 Bed | $797,000 | 3.9% |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,660 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,150 | $1,180 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,400 | $2,510 |
| 4 Bed Rent | $2,850 | $3,020 |
% 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 increase of 13.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $559,000 | 4.0% |
Listing Count | 125 | 26.0% |
| Listings as % of Homes | 0.5% | 26.0% |
Days on Market | 44 | 13.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,200 | 4.1% |
% Under 18 | 27.0% | -5.3% |
% Seniors | 16.0% | 13.5% |
% WFH | 23.5% | 205.2% |
% w/ College Degree | 72.2% | -1.4% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $420 | $1,150 | $1,570 |
| 2 Bedroom | N/A | N/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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $566,000 |
| Median Household Income | $151,000 |