Home Values in Carmel, Indiana — 2026 Market Report
Updated March 2026 | Seller's Market | +5.7% YoY
The median home value in Carmel, Indiana is $415,000 as of March 2026, which is above the national median of $400,000. Home values in Carmel have increased by 5.7% over the past year and 31.9% over the last five years. With a population of 99,757 and a median household income of $118,250, the price-to-income ratio stands at 3.5x, making Carmel affordable for the average household.
Carmel Housing Market Conditions
| Metric | Carmel | National Avg |
|---|---|---|
| Median Home Value | $415,000 | $400,000 |
| YoY Appreciation | +5.7% | +3.8% |
| 5-Year Appreciation | +31.9% | +22.4% |
| Price per Sq Ft | $117 | $222 |
| Days on Market | 47 days | 45 days |
| Months of Supply | 1.6 | 3.5 |
| List-to-Sale Ratio | 97.5% | 98.5% |
| Monthly Homes Sold | 52 | — |
| Foreclosure Rate | 0.12% | 0.3% |
Home Value Trends in Carmel
A homeowner who purchased at the median price of $314,632 five years ago in Carmel would have gained approximately $100,368 in equity, representing a 31.9% return on investment. Over the past year alone, the typical homeowner gained $22,379 in home equity.
Affordability in Carmel, IN
With a median household income of $118,250 and a median home price of $415,000, the price-to-income ratio in Carmel is 3.5x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $3,204 compared to estimated monthly ownership costs of $2,265 gives a rent-vs-buy ratio of 0.71. In Carmel, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Carmel
The effective property tax rate in Indiana is 0.85%. On a home valued at $415,000, the estimated annual property tax bill is $3,528, or approximately $294/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Carmel is 102.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Carmel, IN?
The median home value in Carmel, Indiana is $415,000 as of March 2026. Home values have changed +5.7% over the past year, with a 5-year appreciation of 31.9%.
Is Carmel a buyer's or seller's market?
Carmel is currently a seller's market with 1.6 months of housing supply. Homes spend an average of 47 days on market, and the list-to-sale price ratio is 97.5%. Low inventory gives sellers an advantage.
Are home values going up in Carmel?
Yes, home values in Carmel have increased by 5.7% over the past year. The 5-year appreciation rate is 31.9%, meaning a home worth $314,632 five years ago is now worth $415,000.
Is it better to rent or buy in Carmel?
The average monthly rent in Carmel is $3,204, while estimated monthly homeownership costs are approximately $2,265. The price-to-rent ratio is 10.8. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Carmel, Indiana is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.