Indianapolis Property Values on the Rise: A One-Year Lookback Of Market Growth

The real estate market in Indianapolis, Indiana has shown growth in property values from March 2023 to January 2024, despite a minor dip in properties sold.

authorWritten by Manuel MartinezFeb 28, 2024

Amid the bustling heartland of Indiana lies the burgeoning real estate market of Indianapolis, showcasing a resilient climb in property values. The data from March 2023 presents an average property value of approximately $220,000. Fast-forward to January 2024: this number has impressively ascended to around $224,000, indicating a healthy market progression.

Indianapolis House Prices Trend
Indianapolis House Prices Trend

This upward trajectory is further reinforced by the average sold price per square foot, inching from $144 to $144 over the same period. Despite these auspicious figures, it’s noteworthy that the number of properties sold took a minor dip from 8,501 to 9,297, a detail that serves as a subtle reminder of market fluctuations even amid overall growth.

Comparative Analysis with Nearby Cities

Zooming out, Indianapolis manifests a more modest stature in property values when juxtaposed with its suburban neighbors:

  • Greenwood sports an average value hovering at $300,000 by January 2024, surpassing that of Indianapolis. This is coupled with a steady average sold price per square foot at $163.
  • The charming town of New Palestine, not to be outdone, reached a pinnacle of $425,000 in value during November 2023, though it later reconciled to $345,000 by January 2024, paralleled by a peak in sold price per square foot at $160.
  • Beech Grove maintains a chord of consistency, with the average value frozen at $186,400, though the sold price per square foot slightly wavered.
  • The laid-back community of Camby, meanwhile, presents an intriguing narrative of valuation peaks and troughs, cresting at $289,000 in August 2023 before descending to $255,000, with sold prices per square foot appreciating from $143 to $146.
  • Avon’s numbers mirror this rhythm, peaking at $360,000 before descending to $335,000, and a slight sold price per square foot boost from $165 to $166.

Market Activity & Affordability in Indianapolis

Delving deeper, Indianapolis stands out as the epicenter of market activity, evidenced by the higher count of properties sold—strikingly more so than its surrounding enclaves. The city’s affordability factor is also underscored by its lower average property values and sold prices per square foot. This steadfast market rhythm, marked by a subtle increase in sold prices per square foot over months, reflects a market that, while not frenetic, does not sleep either. It suggests a consistent demand and an accessible entry point for homebuyers aspiring to join the Indianapolis community.

The medley of home values and sold prices per square foot dances diversely across the county lines of Marion and Hancock, exposing a kaleidoscope of factors at play. Location desirability, economic vitality, and a bouquet of amenities can sway the scales of property demand and worth, painting a picture of real estate as not only an investment of capital but also of lifestyle and locale.

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