Planning to move to the diverse Midwestern city of Indianapolis? We’ll give you a current snapshot of renting and buying in this metro.
The Indianapolis housing market can be a dizzying display of trends across different neighborhoods. This article provides an in-depth analysis of these trends, focusing on average sale and rental prices as well as other key aspects of the rental and housing markets in Indy.
Downtown Indianapolis
To put it simply, Downtown Indianapolis has options. In a city as desirable as this one, it should come as no surprise that getting close to the city center is going to cost you. For example, a property at 518 Lockerbie Cir S sold for $438,000, slightly under its listing price, indicating a competitive market. Another notable sale at 660 Ellsworth St fetched $890,000, also under the list price. These transactions reflect a market where properties are highly valued, yet buyers still have negotiating power.
Near Eastside Indianapolis
The Near Eastside is a more affordable segment of the market. Near Eastside attracts a mix of residents thanks to its selection of historic homes and remodeled modern masterpieces. Properties like the one at 3705 E 10th St sold for $170,000, demonstrating a modest but steady demand in this area. The sale of 2155 N Drexel Ave at $146,000 further exemplifies the affordability of this region.
Southeast Indianapolis
In Southeast Indianapolis, the market is quite active. Catering to a broad demographic, you’ll find everything from budget-friendly bungalows to sprawling ranches in this area. A property at 2945 S Kenmore Rd sold for $200,000, close to its asking price, indicating a balanced market. Another at 2012 S Bolton Ave exceeded its list price, selling for $120,000, showcasing potential for competitive bidding in this area.
Near Northside Indianapolis
Near Northside also shows a mix of pricing. Known for its higher-end rentals, this area offers a mix of luxury apartments and historic homes, appealing to professionals and families alike. A home at 1636 Yandes St went for $322,000, slightly below the asking price. In contrast, a property at 3715 Governors Rd sold for $444,000, above its list price.
Fountain Square
This vibrant and artsy neighborhood boasts a dynamic rental market, with a range of trendy apartments and houses that attract recent grads, retirees and artists. Fountain Square’s market ranges, with properties like the one at 1325 Lexington Ave selling for $541,000, slightly under the list price. This area seems to attract a range of buyers, with properties like 919 Woodlawn Ave selling at its list price of $160,000.
Old Northside
This historic neighborhood features a mix of beautifully restored homes and modern developments, offering a higher-end rental market with a sense of community. The Old Northside market is full of high-value properties. For instance, a property at 1442 N New Jersey St sold for $420,000, close to its list price, indicating a stable market with properties maintaining their value.
Irvington
In Irvington, the market is varied, with a blend of charming, affordable homes and apartments, making it a popular choice for students, career-minded professionals and families of all stages. In Irvington, you’ll find properties like the one at 231 S Butler Ave selling for $205,000, a bit under its list price. This neighborhood seems to cater to a range of budgets and preferences.
Garfield Park
Known for its affordability and proximity to the namesake park, this area offers a variety of rental options suitable for families and individuals seeking a quieter environment. Garfield Park has a range of property values. For example, a home at 2621 Stanley Ave sold at its listing price of $205,000, suggesting a consistent market value.
Near Westside Indianapolis
This neighborhood is emerging as an affordable rental market, offering a range of housing options that appeal to students and families, with easy access to downtown. Because of this, there’s lots of activity in Near Westside Indianapolis. A property at 1442 S Richland St selling for $146,000, below its asking price. This indicates a market where buyers can find value and potentially negotiate prices.
Make the move to Indianapolis
Each neighborhood in Indianapolis has unique characteristics, with varying average sale prices and market dynamics. From the competitive and high-value Downtown area to the more affordable East and West sides, the Indianapolis housing market caters to a ton of buyers, investors and renters.
Renting in Indianapolis
The rental market in Indianapolis is as appealing as the housing market, offering options all throughout the city and beyond.
Neighborhoods and rent prices
- Meridian-Kessler: Known for its blend of urban and suburban amenities, the median rent in this neighborhood is $1,022 for a one-bedroom apartment and $1,145 for a two-bedroom. It’s attractive for families and young professionals, offering easy access to downtown, local shops, restaurants and proximity to Butler University.
- Near Eastside: Emerging as a trendy area, the Near Eastside has more affordable rental options, with a median rent of $750 for a one-bedroom and $767 for a two-bedroom apartment. It’s a hub for millennials with its many shops, movie theaters and coffee spots.
- Near Northside: Offering a mix of old houses and iconic local landmarks, the Near North has median rents similar to Meridian-Kessler. It’s well-positioned close to the city center, making it convenient for those seeking a blend of quiet residential life and easy access to everything.
- Near Westside: This area is known for its affordability and spaciousness, with a median rent of $1,045 for a one-bedroom and $1,200 for a two-bedroom apartment. It’s ideal for renters seeking proximity to downtown at a more affordable rate.
- North Willow: This neighborhood, too, matches the median rent prices of Meridian-Kessler and Near Northside. Its appealing setting characterizes it and is suitable for those looking for a blend of comfort and convenience without paying a premium.
Transportation and lifestyle costs
Public transportation in Indianapolis is facilitated by IndyGo, offering extensive bus service. For those preferring to walk or bike, it’s worth noting that the city’s walkability and biking scores are relatively low, though some areas like Canal Walk are more pedestrian-friendly.
Taxation
Indianapolis follows Indiana’s state tax policies, with a 7% sales tax rate and a flat income tax rate of 3.23%, regardless of the income bracket. This uniform taxation contributes to the overall affordability of living in Indianapolis.
Settle down in Indy
The housing and rental markets in Indianapolis are always changing. The housing market, with its varied prices across neighborhoods like Downtown, Eastside and Fountain Square, caters to a wide range of preferences and budgets. Properties are seeing a mix of above and below list price sales, indicating a healthy interplay between supply and demand.
The rental market offers a spectrum of options for different lifestyles and income levels. Neighborhoods like Meridian-Kessler and Near Westside showcase the city’s versatility, ranging from trendy and affordable areas to more suburban settings with higher rent prices.
The overall affordability of Indianapolis is enhanced by lower recurring costs and a straightforward taxation system, making it an attractive location for homeowners and renters. With its blend of urban convenience and suburban comfort, Indianapolis stands out as a city that can easily make anyone feel perfectly at home.
