Indiana Real Estate

Indiana is a state that is rich in diversity. In the north lies glaciated flatlands, in the center fertile farmlands are found, and the south are many hills, valleys and caves. The “Hoosier state” has urban areas, Amish villages, many state parks and rural highways. Indiana has a very reasonable cost of living and home prices are affordable. Indiana is known for its history in auto racing and has over 60 racetrack venues.

The state has 22.9 million acres, of which 15 million are used for farming. In 2005, the population was at 6.2 million with 4.87 million residents living in urban areas. Homeownership is at 71.4% and vacancy is at 7.7%. In 2004, there were 2.69 million single-family units (up 12.7% from 1990) with 1.8 million units in urban areas. The median value of a home is $94,300.

Indianapolis is the state’s capitol and largest city. In 2006, it was one of the fastest growing metropolitan sectors in the nation. Indianapolis has many suburbs and townships which have very affordable housing. In Lawrence Township, for example, the average price of a home is $70,000. There are more buyers than sellers at this time, causing prices to rise 0-5% from last year. Homes are staying on the market from 60 to 90 days and buyers are receiving 95-100% of their original selling price. There are many first time buyers moving to the area because of job growth.

In the state’s second largest city, Ft. Wayne there is a good supply of homes in all price ranges. The average selling price in this area is $130,000. Most homes stay on the market for 60 to 90 days and prices are up 0-5% from last year. Many buyers in the area are already homeowners looking to buy larger or newer homes.