Carmel, IN—46280
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 $332,000, with a year-over-year change of 4.9%. 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 | $332,000 | 4.9% |
| Single Family | $342,000 | 5.6% |
| Condos | $278,000 | 2.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $277,000 | 3.4% |
3 Bed | $325,000 | 5.9% |
4 Bed | $418,000 | 3.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Carmel, IN
As of July '25, Rentcast reports the average rent in Carmel, IN is $2,190, with a year-over-year rent change of 15.9%. Per bedroom, the median rent as of July '25 in Carmel, IN is studios: $1,950, 1-bedrooms: $2,500, 2-bedrooms: $2,180, 3-bedrooms: $2,140, 4-bedrooms: $2,900. The most common rental property sizes in Carmel, IN are 2-bedroom and 3-bedroom, accounting for 44.6% and 27.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,190 |
| Studio Rent | $1,950 | $1,950 |
| 1 Bed Rent | $2,500 | $2,500 |
| 2 Bed Rent | $2,150 | $2,180 |
| 3 Bed Rent | $2,200 | $2,140 |
| 4 Bed Rent | $2,900 | $2,900 |
% 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 32. This is a increase of 4.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $344,000 | -9.0% |
Listing Count | 30 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 32 | 4.0% |
Demographics — Carmel, IN
As of the latest ACS Survey released in 2023, Carmel, IN has a population of 7,660, which has increased by 2.2% over the past 5 years. Carmel, IN is a moderately popular place for families, as children make up 15.9% of the population. The area has a highly educated workforce, with 60.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 24.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,660 | 2.2% |
% Under 18 | 15.9% | -29.6% |
% Seniors | 19.3% | 39.9% |
% WFH | 24.3% | 465.1% |
% w/ College Degree | 60.5% | 46.5% |
As of the latest ACS Survey released in 2023, Carmel, IN is a predominantly white area, with 79.5% of the population identifying as white. The white population has shrunk by 10.1% in the last 5 years. The second most common race or ethnicity in Carmel, IN is black, making up 8.1% of the population. Foreign-born residents account for 5.7% of the population in Carmel, IN, and this percentage has increased by 9.6% 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 | 79.5% | -10.1% |
% Black | 8.1% | 118.9% |
% Hispanic | 6.5% | 182.6% |
% Asian | 2.5% | 19.0% |
% Foreign Born | 5.7% | 9.6% |
Mortgage and Risk — Carmel, IN
According to HUD data as of 2023, there were 206 mortgage originations in Carmel, IN, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Carmel, IN. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 206 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Carmel, IN
As of 2024, the percent of homes in Carmel, IN under the Section 8 program is 0.6%. 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. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Carmel, IN, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 0.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$1,000 | $2,500 | $1,500 |
| 2 Bedroom | -$400 | $2,150 | $1,750 |
| 3 Bedroom | $80 | $2,200 | $2,280 |
| 4 Bedroom | -$130 | $2,900 | $2,770 |
Affordability — Carmel, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $332,000 |
| Median Household Income | $84,600 |