Indianapolis Community and Life

Average Home Price in Indianapolis

Posted by Paula Henry on Aug 23, 2008 5:20:00 PM

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 Sycamore Group Realtors, serving the Indianapolis real estate market.

Call Paula - 317–605–4174