INDIANAPOLIS (April 20, 2024) – The Builders Association of Greater Indianapolis (BAGI) just released its March permit breakdown, which shows that the Central Indiana housing market will experience a strong start to the second quarter after seeing a 46% increase, year over year, in the number of permits issued for new single-family homes.

The industry began 2024 with an uptick, experiencing a 77% increase in the number of new home permits issued from January 2023 to January 2024. While growth has tempered somewhat since then, multiple counties in BAGI’s nine county service area saw triple-digit growth, year over year, in March.

Shelby and Johnson Counties saw impressive growth of 300% and 155%, respectively. Marion, Boone, Madison, and Hendricks Counties all saw double-digit growth, with Marion County recording an increase of nearly 60% from March 2023 to March 2024.

With the exception of Hamilton and Hancock Counties, all counties reported a positive growth rate from March 2023 to March 2024.

“We continue to be encouraged by the positive growth trend we’re seeing, overall,” said BAGI CEO Steve Lains. “As market conditions and interest rates began to stabilize toward the end of last year, we were optimistic that the Central Indiana housing market would experience positive growth going into 2024, and it appears that our predictions were accurate. In fact, all reports indicate that growth will continue on a positive trajectory as Central Indiana’s builders strive to keep up with the ever-growing demand for housing in our state. No matter what the future holds, BAGI will stand by and behind our members in any way possible to make sure they have the tools, network, and information they need to grow their business and serve Hoosier homeowners.”

Permit Breakdown by County: 

County           2023 Permits (March) 2024 Permits (March)
Boone County            86  109
Hamilton County            305 284
Hancock County            47 47
Hendricks County            72 88
Johnson County            20 51
Madison County            34  42
Marion County            115 182
Morgan County            19 21
Shelby County            1 4

For further information and access to the full March permit breakdown report, please visit the Builder’s Association of Greater Indianapolis website at https://www.bagi.com/permits.

BAGI remains committed to promoting, educating, and serving its members and the housing industry in the Indianapolis area, and will continue to monitor and support the growth in building permits and overall housing market activity.

For more information about permit numbers, or to discuss local homebuilding trends with Lains or other BAGI officials, contact Kristen Hoyt at 317-527-6774 or kristenh@thecaway.com.