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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Indianapolis, IN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Indianapolis, IN Housing Market Trends

With 880,621 people, 352,238 houses or apartments, and a median cost of homes of $222,470, house prices in Indianapolis are solidly below the national average.

Single-family detached homes are the single most common housing type in Indianapolis, accounting for 60.36% of the city's housing units. Other types of housing that are prevalent in Indianapolis include large apartment complexes or high rise apartments ( 22.46%), row houses and other attached homes ( 8.33%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.71%).

The most prevalent building size and type in Indianapolis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.57% owning and 46.43% renting.

There is a lot of housing in Indianapolis built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Indianapolis built between 1940-1969 ( 32.52%). A lesser amount of the housing stock also hails from before 1939 ( 16.33%). There's also some housing in Indianapolis built between 2000 and later ( 14.27%).

Vacant housing appears to be an issue in Indianapolis. Fully 10.95% of the housing stock is classified as vacant. Left unchecked, vacant Indianapolis homes and apartments can be a drag on the real estate market, holding Indianapolis real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Indianapolis Home Appreciation Rates

Appreciation rates for homes in Indianapolis have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 106.50%, which ranks in the top 30% nationwide. This equates to an annual average Indianapolis house appreciation rate of 7.52%.

Over the last year, Indianapolis appreciation rates have trailed the rest of the nation. In the last twelve months, Indianapolis's appreciation rate has been 1.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Indianapolis were at 4.82%, which equates to an annual appreciation rate of 20.73%.

Importantly, this makes Indianapolis one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Indiana, our data show that Indianapolis's latest annual appreciation rate is lower than 90% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Indianapolis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Indianapolis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Indianapolis real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$222,470

Indianapolis, IN Home Prices
> $1,480,000
$1,110,001 - $1,480,000
$740,001 - $1,110,000
$592,001 - $740,000
$444,001 - $592,000
$296,001 - $444,000
$148,001 - $296,000
$74,001 - $148,000
$0 - $74,000
0.6%
0.6%
1.0%
1.0%
2.5%
2.5%
2.8%
2.8%
6.1%
6.1%
15.2%
15.2%
43.1%
43.1%
21.9%
21.9%
6.8%
6.8%
0% 100.0%
% of Homes
High

for Indiana

Average

for nation

Number of Homes And Apartments:

352,238

Indianapolis Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,622 / per month

Homeownership Rate

Owners
Renters
Vacant
53.6%
53.6%
46.4%
46.4%
10.9%
10.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.3%
14.3%
36.9%
36.9%
32.5%
32.5%
16.3%
16.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.4%
60.4%
8.3%
8.3%
7.7%
7.7%
22.5%
22.5%
1.1%
1.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.4%
2.4%
14.1%
14.1%
31.0%
31.0%
36.3%
36.3%
13.6%
13.6%
2.5%
2.5%
0% 100.0%
% of Homes