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Average Home Price in Indianapolis

Posted By Paula Henry on Saturday, August 23, 2008 4:20:00 PM | 4 Comments

Once again, Indianapolis Real Estate has led the nation in most affordable housing for the 12th straight quarter. That’s 3 years of consistently offering the most affordable housing to the residents of Indianapolis. The article at CNN Money states the median sales price for homes sold in the second quarter was $108,000.

How does that price point hold up throughout the Indianapolis area? The chart below shows the average price of homes sold in Indianapolis and the suburbs since January 1, 2008.

City or Area Marion County	Average Sold Price – YTD	City or Area Suburbs	Average Sold Price YTD
Washington Township	$173,681	Avon	$164,948
Warren Township	$76,324	Plainfield	$141,166
Decatur Township	$89,641	Zionsville	$348,563
Pike Township	$127,939	Carmel	$335,834
Wayne Township	$62,409	Fishers	$238,939
Lawrence Township	$135,949	Noblesville	$189,022
Franklin Township	$142,170	Westfield	$219,028
Perry Township	$106,957	Cumberland	$104,189
Center Township SE	$40,752	Brownsburg	$165,916
Center Township SW	$29,578	Greenwood	$165,726
Center Township NE	$68,393	Beech Grove	$84.093
Center Township NW	$81,316	Speedway	$102,050

The areas with averages below $100,000 are areas where foreclosures and bank owned sales make up a large percentage of the lower priced homes in the Indianapolis area.

Average and median prices are not representative of what a home in a particular area will sell for. The average sales price for any area is figured by combining the total sales price of all properties, then dividing that number by the number of units sold.

When you want to know what is happening in your neighborhood, you need to narrow the search locally to area, neighborhood and subdivision. Let’s look at a few examples:

In Pike Township, the average home price for 2008 is $127,939, which includes 695 sold homes this year. The highest priced home sold was $900,000 and the lowest priced home sold was $4,750. Pike Township includes the Eagle Creek area of Indianapolis. In Eagle Creek, single family homes range in price from $189,900 for a three bedroom, two bath home in The Trees to $1,275,000 for a waterfront home with deeded dock.

Center Township NE is an area of Indianapolis with many Historic Districts comprising the higher end sales for central Indianapolis and downtown. It includes the areas of Chatham Arch, Lockerbie Square, Old Northside as well as homes north and east of downtown, outside of the renovated Historic Districts. There were 677 sold homes this year. The highest price home sold for $745,000 and the lowest price home sold for $1,208. Current homes available range in price from a 7 bedroom, 9 bath luxury condo at 707East North for $4,592,870. to a 1 bedroom, 1 bath home in need of renovation for $4,000.

Want to know what is happening in your neighborhood, just contact me.

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Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 1/1/2008 and 8/1/2008. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed.

Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis Realtor and team leader of The Home to Indy Team at Keller Williams Realty, serving the Indianapolis real estate market.

Call Paula - 317–605–4174

Discussion

#1 Posted by Tammy at Myrtle Beach Real Estate at 8/26/2008 -2:48 PM

Wow! Those home prices are great. I imagine the cost of living is pretty low as well. If only I could deal with the cold weather.

#2 Posted by Paula at 8/26/2008 3:27 PM

Tammy - It does take some getting used to - I moved back here from Phoenix and still can not get warm enough sometimes.

#3 Posted by Paula at 8/24/2008 9:03 AM

Our average income for Indianpolis is $65,000, about $75,000-85,000. in the burbs. Utilities are good and gas is usually equal to the rest of the nation. Having lived in the Southwest for many years, I believe food is generally higher, mostly due to a limited growing season. In the summer, though, you can't beat the quality or price of fresh produce.

Property taxes would be the biggest determinant for someone moving from another region. I find taxes usually level out when one combines all sources of taxes.

#4 Posted by Eugene Oregon Real Estate at 8/23/2008 11:33 PM

Wow, I just can't imagine home prices like those. So other than home prices, is the cost of living low there, i.e. utilities, food, gas, etc? How about income levels?

If income levels are low then the housing prices don't look like such a good deal, but from anywhere I have ever lived in the west those prices seem fantastic.