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  4. /Carmel, IN - 46032

Carmel, IN—46032

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$590,000
4.9% YoY Growth
Household Income
$123,000
20.8% YoY Growth
Days on Market
52
26.0% Longer YoY
Home Price Forecast
1.8%
Median Rent
$2,480
4.9% YoY Growth
1-Bed Rent
$1,480
5.8% YoY Growth
2-Bed Rent
$1,900
6.9% YoY Growth
3-Bed Rent
$2,800
3.6% YoY Growth

Other Zip Codes in Carmel, IN

4628046033
  • 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 $590,000, 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 1.8%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$590,0004.9%
Single Family $631,0005.3%
Condos $334,0002.5%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$346,0003.3%
    3 Bed
    		$469,0003.3%
    4 Bed
    		$634,0005.5%
    5 Bed $1,130,8227.3%
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    % of Housing Stock

    Studio
    3.4%
    1 Bedroom
    12.7%
    2 Bedrooms
    18.1%
    3 Bedrooms
    25.2%
    4 Bedrooms
    29.0%
    5+ Bedrooms
    11.7%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    4.2%
    1 Bedroom
    35.3%
    2 Bedrooms
    36.5%
    3 Bedrooms
    20.6%
    4 Bedrooms
    3.4%

    Property Listings — Carmel, IN

    As of May '26, Realtor.com reports that the median days on market for a home in Carmel, IN is 52. This is a increase of 26.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$697,000-1.0%
    Listing Count
    		21119.0%
    Listings as % of Homes0.4%19.0%
    Days on Market
    		5226.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		51,2004.8%
    % Under 18
    		24.7%-2.0%
    % Seniors
    		14.5%16.9%
    % WFH
    		24.6%151.0%
    % w/ College Degree
    		75.4%9.0%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio4.2
    Median Home Price$590,000
    Median Household Income$123,000

    Carmel, IN — ZIP Code Boundary Map

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    Frequently Asked Questions