Indianapolis ranks as the nation’s fourth best real estate market, but property is still relatively affordable here.
While real estate is hot everywhere these days, the Indianapolis housing market is on fire. It ranks as the nation’s fourth best real estate market, and it’s poised to continue to grow as 2022 goes on. Indy’s central location, booming economy, ease of getting around and friendly reputation are drawing in property investors and home buyers alike.
Despite soaring home prices elsewhere, property is still relatively affordable in Indy. However, home values are continuing to increase — they’re up more than 18% over last year — and homes are on the market for a median of just 5 days.
“All price points remain competitive,” said Natalie Clayton, co-founder and broker at Maywright Property Co. “But the areas seeing the most activity of number of offers and offers above list price are Carmel, Zionsville, Fishers, Westfield, Washington Township, Franklin Township, Avon, Brownsburg, Center Grove, Greenwood, and more. These homes range from $250,000 to $850,000.”
According to Britt Booram of Juniper & Fern Evergreen Talent Consulting, the market is set to follow seasonal trends.
“Sales price growth is expected to stay strong through Q2 and will likely slow in Q3 and Q4, which is typical in a seasonal market. So now may be a good time for sellers to list and fall and winter may be a good time for buyers to shop. However, rapidly rising interest rates will continue to impact buying power this year,” Booram said.
In addition to their Indianapolis housing market forecast 2022, we worked with Clayton and Booram to pinpoint what various price points have to offer in terms of the number of bedrooms and bathrooms, square footage and location. These price points reflect homes that are move-in-ready.
Folks who are looking to buy at this price point will be able to get a two-bedroom, three-bathroom home with approximately 1,500 to 2,500 square feet of living space in neighborhoods like Speedway and Irvington. In the historic Riverside area, you can purchase an older two-bedroom, three-bath home with 1,200-2,500 square feet. In the quirky Fountain Square neighborhood, a 2-bedroom, 1.5-bath home with 945 square feet falls in this price range. Finally, in Little Flower, buyers can find smaller homes with 2 bedrooms and 1.5 baths for around $180,000 to $215,000.
Someone looking to buy at this price point can purchase 3-bedroom, 4-bathroom homes with up to 3,500 square feet of space in the St. Clair Place area or a 2-bed, 2-bath townhome in the Mass Ave (Massachusetts Avenue) Arts District. Homes in the Fountain Square neighborhood in this bracket feature 2 bedrooms and 3 baths with 1,500 to 2,500 square feet of living space.
As the price points get bigger, so do the homes and lot sizes. Those looking to buy at this price point can expect 3-to-4-bedroom homes with up to 4,000 square feet. Desirable neighborhoods like Herron-Morton and Meridian Kessler feature beautiful Craftsman and bungalow style homes in this price point. Those looking for newer construction can find a 3-bedroom, 4-bathroom home with 3,500 square feet in neighborhoods like Windsor Park and Cottage Home. For those looking to settle in the suburbs, homes in Fishers are often listed in this range.
At this price point, buyers in the Old Northside neighborhood can expect newer or fully-renovated 4+ bedroom homes with 3,000-4,000 square feet of living space. Those looking in the Meridian Kessler and Meridian Hills areas can purchase a home with 4+ bedrooms and up to 4,500 square feet in this price range. Larger homes in the Carmel, Zionsville and Fishers suburbs can also be found at this budget. You’ll also get more yard for your money at this price point. Lot sizes in the suburbs range from .3 to .5 acres on average.
This article was sponsored by Life in Indy.