INDIANAPOLIS (November 21, 2024) — The Builders Association of Greater Indianapolis (BAGI) has announced a 29% increase for October 2024, year-over-year, in new home construction permits. This significant growth indicates the resilience of Indiana’s home building market amid evolving economic conditions.
The October report highlights the robust demand for new housing in Central Indiana, driven by sustained population growth, an influx of younger households, and a steady demand for affordable housing options. The rise in permits reflects growing confidence among builders and developers to meet this increasing demand.
“We are encouraged by the positive trend in new home construction,” said Steve Lains, CEO of BAGI. “The 29% change in permits is a strong indicator of the continued health and resilience of Indiana’s housing market. Our builders are responding to clear demand, but supply constraints—including government regulations, material costs, and land availability—continue to challenge our ability to meet that demand.”
Recent data from the Indiana Association of Realtors shows that the median sale price of homes in Indiana reached $258,000 in October 2024, marking a 8% year-over-year increase. Additionally, the average daily inventory of homes was 14,763 in September 2024, a 29% increase from the previous year, indicating a growing supply to meet demand.
As Indiana continues to experience economic growth and migration into the state, the demand for diverse and affordable housing options is expected to remain high. BAGI’s October report is a positive sign for homebuilders and reflects Indiana’s healthy and expanding real estate market.
Permit Breakdown by County:
| County | 2023 Permits (October) | 2024 Permits (October) |
|---|---|---|
| Boone County | 59 | 68 |
| Hamilton County | 235 | 233 |
| Hancock County | 78 | 100 |
| Hendricks County | 109 | 77 |
| Johnson County | 103 | 157 |
| Madison County | 62 | 36 |
| Marion County | 151 | 220 |
| Morgan County | 36 | 32 |
| Shelby County | 16 | 12 |
For further information and access to the October permit breakdown report, please visit the Builder’s Association of Greater Indianapolis website at BAGI.com/Permits.
BAGI remains dedicated to promoting, educating, and serving its members and the housing industry in the Indianapolis area, actively supporting the ongoing growth in building permits and housing market activity.
For more information about permit numbers or to discuss local homebuilding trends with Lains or other BAGI officials, contact Amanda Parker at 317-527-6774 or amanda@thecaway.com.
