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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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 a population of 887,642, 342,825 total housing units (homes and apartments), and a median house value of $201,644, 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 60.01% of the city's housing units. Other types of housing that are prevalent in Indianapolis include large apartment complexes or high rise apartments ( 22.90%), row houses and other attached homes ( 8.36%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.61%).

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 52.97% owning and 47.03% 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 ( 32.67%). A lesser amount of the housing stock also hails from before 1939 ( 16.38%). There's also some housing in Indianapolis built between 2000 and later ( 13.19%).

Vacant housing appears to be an issue in Indianapolis. Fully 11.41% 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 92.94%, which ranks in the top 30% nationwide. This equates to an annual average Indianapolis house appreciation rate of 6.79%.

NeighborhoodScout's data show that during the latest twelve months, Indianapolis's appreciation rate, at 15.86%, has been at or slightly above the national average. In the latest quarter, Indianapolis's appreciation rate has been 3.31%, which annualizes to a rate of 13.92%.

Relative to Indiana, our data show that Indianapolis's latest annual appreciation rate is higher than 80% 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:
$201,644

Indianapolis, IN HOME PRICES

> $1,461,000
$1,096,001 - $1,461,000
$730,001 - $1,096,000
$584,001 - $730,000
$438,001 - $584,000
$292,001 - $438,000
$146,001 - $292,000
$73,001 - $146,000
$0 - $73,000
0.6%
0.6%
0.8%
0.8%
2.2%
2.2%
2.3%
2.3%
5.4%
5.4%
12.6%
12.6%
43.7%
43.7%
24.8%
24.8%
7.6%
7.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for IN

Value Relative To Nation

Number Of Homes And Apartments:
342,825

Indianapolis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
91.02% 2.92%
7
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,323 / per month

Homeownership Rate

Owners
Renters
Vacant
53.0%
53.0%
47.0%
47.0%
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.2%
13.2%
37.8%
37.8%
32.7%
32.7%
16.4%
16.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.0%
60.0%
8.4%
8.4%
7.6%
7.6%
22.9%
22.9%
1.1%
1.1%
0.0%
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%
14.3%
14.3%
31.2%
31.2%
36.4%
36.4%
13.3%
13.3%
2.3%
2.3%
0.0% 100.0%
% OF HOMES