Carmel, IN housing market
Typical home value
$575K
▲ 4.5% 1 yr
Typical rent
$1,864/mo
▲ 9.5% 1 yr
Gross rent yield
3.9%
U.S. 6.3%
5-year home value change
+34%
U.S. +20%
Key takeaways
- 1The typical home in Carmel is worth $575,492, up 4.5% over the past year and up 34% over five years.
- 2Typical rent is $1,864 a month (+9.5% YoY), a gross rent yield of 3.9% (below the Indianapolis, IN metro's 6.3%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $3,163/mo, $1,299 more than typical rent.
- 4Zillow forecasts the Indianapolis, IN metro's home values to change +1.9% over the next 12 months.
Market temperature (Indianapolis, IN metro)
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 31/100, #424 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Carmel compares
| Measure | Carmel | Indianapolis, IN metro | United States |
|---|---|---|---|
| Typical home value | $575,492 | $291,634 | $366,157 |
| Home value, 1-yr change | +4.5% | +1.0% | +1.2% |
| Typical rent | $1,864 | $1,528 | $1,932 |
| Rent, 1-yr change | +9.5% | +3.5% | +2.7% |
| Gross rent yield | 3.9% | 6.3% | 6.3% |
| Price-to-rent ratio | 25.7 | 15.9 | 15.8 |
| Mortgage P&I, typical home | $3,163 | $1,603 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Carmel rental, pre-filled.
Rent vs buy in Carmel
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $575K home.
Other cities in the Indianapolis, IN metro
Indianapolis, IN
$227K home$1,375 rent
▼ 0.9% 1 yr
Fishers, IN
$445K home$1,938 rent
▲ 1.7% 1 yr
Greenwood, IN
$326K home$1,554 rent
▲ 1.1% 1 yr
Noblesville, IN
$392K home$1,692 rent
▲ 2.0% 1 yr
Anderson, IN
$133K home$1,088 rent
▲ 1.1% 1 yr
Lawrence, IN
$267K home$1,540 rent
▲ 0.2% 1 yr
Avon, IN
$355K home$1,882 rent
▲ 1.3% 1 yr
Brownsburg, IN
$358K home$1,868 rent
▲ 1.4% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.