South, North, West, East and Stone Harbour and Harbour Woods, on and near Morse Reservoir. Here is what they sell for and what Citizens Energy's rules mean for a dock.
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The Harbour neighborhoods sit on the south and west side of Morse Reservoir, a roughly 1,500-acre drinking-water reservoir that Citizens Energy Group owns and has operated since 1956. County records show South Harbour as the largest plat, followed by North Harbour, with West Harbour, East Harbour, Stone Harbour and Harbour Woods smaller. They are in Noblesville Township and inside Noblesville city limits, per county GIS.
Together they had 74 single-family closings in the last 12 months, up from 58, at a median of $425,000. That median hides a wide spread: the middle 80% of sales ran from $325,000 to $1,125,500, and most of that gap is whether a house is on the water.
What you are actually buying: an established lake neighborhood, mostly built between 1973 and 2001, with association pools and parks and reservoir access for some lots. What you are giving up: control over the shoreline. Citizens Energy must approve docks, seawalls and anything else at the water's edge.
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Separate associations, separate amenities. Two years of MLS sales by name:
The largest, with 63 closings in two years. The South Harbour POA has a clubhouse and pool, and a South Harbor beach is named in the state's boating rules.
See homes →35 closings in two years; mostly 1970s homes, per its association, with a lake access area, playground and pavilion. The city replaced storm pipes on several North Harbour streets over the 2025–26 winter.
See homes →About 161 custom homes from the 1980s off Little Chicago Road, with a pool, courts and playground. Its association lists no marina or beach.
See homes →Smaller plats. Part of the East Harbour area falls in a state idle-only boating zone. Stone Harbour sits farther south; confirm whether a specific lot touches the water.
See homes →Harbour Trees Golf & Beach Club is a private membership club. Membership is separate from any neighborhood association.
See homes →Each Harbour neighborhood is served by Noblesville Schools. Confirm the specific school assignment for the address with the district.
Noblesville Schools' 2018 operating referendum expires at the end of 2026, and voters decide on a replacement on November 3, 2026. The maximum rate is 57 cents per $100 of assessed value; the district has said it plans to levy 38.5 cents. Referendum rates sit outside the 1% cap.
Citizens Energy requires approval for docks, seawalls, walkways, boathouses, retaining walls, dredging and shoreline changes, and holds a 20-foot easement. Confirm in writing whether a house has water frontage and dock rights, and that any existing dock was approved.
The reservoir level moves with drought and maintenance; Citizens posts it daily. The Morse Waterways Association, a nonprofit formed in 2005, covers about 1,400 homeowners around the lake.
The city council approved Morse Village, 650 homes and apartments at East 206th Street and Hague Road, in October 2024. Expect construction traffic on the north side.
Indiana caps homestead property tax at 1% of gross assessed value under the circuit breaker, so most owner-occupants land at or near that figure before any voter-approved referendum rate, which sits outside the cap. Rentals and second homes are capped at 2% and should be modeled separately. Hamilton County's local income tax is 1.1%, unchanged in the Indiana Department of Revenue's county rate notice effective October 1, 2026. Confirm assessments with the Hamilton County Assessor.
If you want newer construction, look at Lochaven. If you want Geist instead of Morse, see my Geist guide. For all of Noblesville, see my Noblesville guide.
The median single-family sale across the Harbour neighborhoods was $425,000 over the 12 months through August 2026, on 74 closings, with the middle 80% between $325,000 and $1,125,500 (MIBOR BLC).
Citizens Energy Group. It is a drinking-water reservoir of about 1,500 acres that has operated since 1956.
Only with Citizens Energy's approval. Docks, seawalls, boathouses and shoreline changes all need approval, and Citizens holds a 20-foot easement.
Yes. County GIS places them in Noblesville Township and inside Noblesville city limits.
Noblesville Schools. Confirm the specific school assignment for the address with the district.
I'm Wes Johnston, a Realtor with Trueblood Real Estate, based in Fishers. I cover the whole Indianapolis metro, and every guide on this site is built the same way: MIBOR numbers, public sources, and the trade-offs a listing description won't mention.
My job isn't to open doors. It's to tell you what a house is actually worth, what's wrong with it, and whether it's the right move for what you're trying to do — then negotiate hard on your behalf and own the process from contract to close.
If you're two years out, that's fine. Most of my best clients started with a question, not a showing.
Fishers-based. Honest numbers, every part of the metro. Committed to your success.
Waterfront homes are a small share of what sells. A saved search makes sure you see each one the morning it lists.
Start My the Harbours at Morse Reservoir SearchNot a national algorithm guessing from square footage. A real valuation based on what's actually selling near you, from someone who has been inside those houses.