Property Makler
Advanced analytics for residential real estate investing

Indianapolis-Carmel-Anderson, IN housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	2022	2023	2024	YTD
Median Listing Price per Square Feet	$142	$151	$154	$156	6.8%	6.3%	2%	1.3%
Active Listing Count	3,434	3,695	4,123	5,910	79.2%	7.6%	11.6%	43.3%
Median Days on Market	53	57	60	50	20.5%	7.5%	5.3%	-16.7%
Share of listings with price increase	1%	0.8%	0.7%	0.6%
Share of listings with price decrease	14.9%	19.4%	21.5%	24.1%
Employees, thousands	1,145	1,173	1,186	1,198	2.9%	2.5%	1.1%	1%
Permits	565	896	1,281	963	-62.7%	58.6%	43%	-24.8%

* last available value

Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

The Indianapolis-Carmel-Anderson, IN Metropolitan Statistical Area (MSA) encompasses nine core counties in central Indiana, with a 2024 population of approximately 2.17 million across 4,086 square miles and a density of 532 people per square mile.
Key cities and towns drive the region's growth, with Indianapolis as the largest at 900,896 residents (41% of MSA), followed by suburbs like Fishers, Carmel, and Noblesville in Hamilton County.
Geographic regions include urban core (Indianapolis), affluent northern suburbs (Hamilton County: Carmel, Fishers, Noblesville, Westfield, Zionsville), manufacturing-focused northeast (Anderson in Madison County), and southern/industrial areas (Greenwood, Plainfield).

Area	City/Town	Population	Density	Income	Quality of Schools	Crime Level	Property Tax (%)	Comments
Urban Core	Indianapolis	900,896	~2,500/sq mi	Median	4-7/10	High	1.0%	Diverse neighborhoods; revitalizing downtown.
North Suburbs	Carmel	102,296	1,200/sq mi	High	9-10/10	Low	0.8%	Affluent; tech hubs; family-oriented.
North Suburbs	Fishers	104,094	1,400/sq mi	High	9-10/10	Very Low	0.8%	Fast-growing; corporate relocations.
North Suburbs	Noblesville	73,916	900/sq mi	High	8-10/10	Low	0.9%	Historic downtown; lake access.
North Suburbs	Westfield	57,746	1,000/sq mi	High	8-9/10	Low	0.8%	Sports complexes; young families.
North Suburbs	Zionsville	32,534	600/sq mi	Very High	9-10/10	Very Low	0.7%	Equestrian community; luxury homes.
Northeast	Anderson	55,199	2,200/sq mi	Low	3-6/10	High	1.1%	Manufacturing legacy; revitalization efforts.
South Suburbs	Greenwood	66,296	1,500/sq mi	Medium-High	7-9/10	Medium	0.9%	Retail growth; commuting to Indy.
West Suburbs	Plainfield	37,047	1,100/sq mi	Medium	6-8/10	Medium	1.0%	Logistics hub; new developments.

To view all table columns, please open this table on a laptop or desktop screen.

MSA median household income reached $77,065 in 2023, up 4.75% from prior year; per capita income varies widely by suburb.
Northern suburbs like Carmel and Fishers exceed $120,000 median household; Indianapolis core around $55,000; Anderson below $45,000.
47.6% of adults hold associate's degree or higher; 91.33% have high school diploma or equivalent.
Bachelor's degree attainment highest in Hamilton County (50%+); lower in Marion (25%) and Madison Counties (20%).
Median age 36.7; workforce skewed to 25-54 age group (60% of population).
Racial demographics: 69.6% White, 15% Black, 3.9% Asian, 8.4% Hispanic.

Manufacturing dominates with 15% of employment; auto parts, pharmaceuticals, machinery in Anderson and Indy outskirts.
Health care and social assistance employ 13%; major systems like IU Health, Community Health Network.
Finance and insurance at 7%; headquarters for Simon Property Group, Anthem (Elevance Health).
Professional services and tech growing to 10%; Salesforce, Infosys hubs in Fishers.
Logistics and distribution 8%; FedEx, Amazon facilities due to I-70/I-65 crossroads.
Retail and hospitality 11%; tourism from motorsports (Indy 500), conventions.
Educational services 9%; Indiana University-Purdue University Indianapolis (IUPUI), Butler University.

Zoning openness moderate; Hamilton County suburbs allow high-density multifamily; Marion County restrictive in single-family zones.
Regulatory strictness low-moderate; streamlined permitting in Fishers/Noblesville cuts approval to 6 months vs. 12+ in Indy core.
Construction workforce cost 10-15% below national average; ample labor from Midwest migration, union rates $40-50/hour.
New permits averaged 12,000 units/year 2022-2024; single-family 60%, multifamily 40%.
Land availability high in suburbs; 20% undeveloped in Hamilton/Johnson Counties.
Impact fees $5,000-10,000/unit; lower than coastal metros.

Net migration +15,000/year; inflows from Chicago, Rust Belt for affordability; domestic migration drives 70% population growth.
Growing industries fuel demand: tech/logistics add 5,000 jobs/year in Fishers/Plainfield; health care +3% annually.
Remote work migration post-2020 boosted northern suburbs by 10%; young professionals to Carmel/Fishers.
Declining sectors: traditional manufacturing -2% jobs in Anderson, suppressing local demand.
Projected MSA growth to 2.25M by 2030; 57% of Indiana's total growth.
Inventory tight at 2.5 months supply; median days on market 25.

Affordability gap widening; median home $280,000 (up 5%/year), but wages lag at 3% growth.
Urban core vacancy 10% in low-income areas; suburban shortage for entry-level buyers.
Interest rates at 6-7% slow sales 20% from 2021 peak.
Insurance costs rising 15%/year due to storm risks in flat terrain.
Workforce housing deficit 20,000 units; zoning blocks townhomes in high-demand suburbs.
Infrastructure strain: schools overcrowded in Fishers (90% capacity); roads congested on I-69.
Declining births reduce family formation; aging in place increases senior housing need.

Area	Appreciation Potential	Risk	Key Drivers
North Suburbs (Carmel, Fishers)	High	Low	Tech influx, schools, low crime; 7-10% annual gains.
Noblesville/Westfield	High	Low-Medium	Family migration, new builds; 6-8% growth.
Zionsville	Medium-High	Low	Luxury demand stable; limited supply.
Indianapolis Core (Downtown, Broad Ripple)	Medium	Medium	Revitalization, young buyers; crime volatility.
Greenwood/Plainfield	Medium	Medium	Logistics jobs; commuter appeal.
Anderson	Low	High	Job losses, high crime; 1-3% gains possible with revival.