Carmel, Indiana Housing Market Prices
Carmel Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 106% above the Indiana median$294,091
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Median rent 61% above the Indiana median$1,712
Housing Market Overview
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,091 | $142,738 | $248,835 |
| Price Trend (Annual %) | 1.9% | 7.2% | 7.5% |
| Median Gross Rent | $1,712 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carmel is about 106% higher than in Indiana. Rent is about 61% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Carmel, up about 1.9% and 5.4% a year respectively. Rent is changing faster.
Median rent in Carmel rose about 53.9% between 2015 and 2024, from $1,113 to $1,712. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Carmel.
Buying the median-priced home in Carmel costs roughly 14.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Carmel. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,091 | $142,738 | $248,835 |
| Median Household Income | $142,879 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Carmel rose about 21.8%, while median household income rose about 40.4% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.4% | 64.4% | 58.5% |
| Rental Rate | 23.7% | 26.9% | 31.2% |
| Vacancy Rate | 5.9% | 8.8% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Carmel has a homeownership rate of 70.4%, higher than the Indiana average of 64.4%. Its housing vacancy rate is 5.9%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1996 | 1975 | 1978 |
| Median Number of Rooms | 7.7 | 5.9 | 5.5 |
The typical housing unit in Carmel was built around 1996. On average, 2.6 people live in a home with about 7.7 rooms, staying for about 13.0 years on average.
Carmel, IN Housing Compared With Nearby Cities
How Carmel, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Carmel, IN | 101,084 | $294,091 #2/2 | $1,712 #1/2 | 74.8% #2/2 |
| Westfield, IN | 44,969 | $367,829 | $1,642 | 79.1% |
Frequently Asked Questions
Common questions about the housing market in Carmel, Indiana.
What is the median home price in Carmel, Indiana?
The median home price in Carmel, Indiana is $294,091, higher than the Indiana average of $142,738.
What is the average home price in Carmel, Indiana?
The typical home price in Carmel, Indiana, reported as the median sale price, is $294,091. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Carmel, Indiana?
The median gross rent in Carmel, Indiana is $1,712 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Carmel in 2020?
In 2020, the median gross rent in Carmel, Indiana was $1,248 per month.
What is the price-to-rent ratio in Carmel, Indiana?
The price-to-rent ratio in Carmel, Indiana is about 14.3, meaning it would take roughly 14.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Carmel.
Are home prices or rent rising faster in Carmel, Indiana?
Both home prices and rent are rising in Carmel, up about 1.9% and 5.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Carmel, Indiana?
70.4% of households in Carmel, Indiana own their home, higher than the Indiana average of 64.4%.
What is the vacancy rate in Carmel, Indiana?
The housing vacancy rate in Carmel, Indiana is 5.9%, lower than the Indiana average of 8.8%.
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