As Indianapolis and its surrounding communities experience more growth and development, we’ve asked Traci Garontakos, Managing Partner at The Agency Indianapolis, to share insights on this fast-evolving market. Here, Traci expounds on the local real estate dynamics, revealing why towns like Carmel, Zionsville and communities like Holliday Farms are experiencing unprecedented interest from today’s buyers.
Who is buying property in Indianapolis right now?
Indianapolis as a whole is experiencing an influx of all types of buyers. The city, with its vibrant downtown attracts young professionals while the suburbs tend to attract families and retirees wanting to move to be close to children and grandchildren.
What neighborhoods are attracting buyers most right now?
We are so fortunate to have many lifestyle communities in Indianapolis offering amenities from championship golf courses to clubhouses, pools, tennis and pickleball courts and walking trails. Community green space allows for residents to take advantage of places to play without all the maintenance. Some of our most popular communities are Holliday Farms, Chatham Hills and Promontory with many more exciting developments in the works.
Photo Credit: Ron Ball
What is attracting them to these areas?
These areas are attractive due to their affordability, mix of housing options, current and on trend designs, desire for space, safety, and highly rated school systems.
How have these areas evolved over the last few years since the pandemic, and what are buyers are seeking in luxury homes now?
Locally, neighborhoods are offering more and more amenities. For example, the neighborhood where our office is located, Holliday Farms, features a championship Pete Dye golf course, nature walking trails, an upscale clubhouse with a gym, 2 restaurants, golf simulator, bowling alley, multiple pools, basketball, pickleball, & tennis courts. Social memberships create opportunities for organized activities for both adults and children. From wine tasting dinners and holiday brunches to swim teams and summer camps, there is always something for every member of the family. Luxury buyers are seeking a lifestyle, and Holliday Farms and like communities deliver.
Photo Credit: Ron Ball
What are some home amenities or features that you see buyers seek out right now?
The sky’s the limit for today’s buyer, and we are seeing more and more custom amenities to suit their desires. Our talented pool of local designers and builders have created some of the most stunning properties you would only expect to see in tropical destinations. We have experienced everything from golf simulators, spa rooms, saunas, luxury pools and hardscapes, home gyms and wellness rooms, wine rooms, bourbon rooms, indoor/outdoor bar features, messy kitchens, indoor sport courts and pickleball courts, luxury patios and fireplaces and incredible primary suites fit for the most discerning buyer.
Photo Credit: Signature Estates
Is there anything noteworthy about the Indianapolis market right now? Any increase in buyers or renters from a certain region?
Now more than ever, Indianapolis is on the map in terms of desirable places to live. Being host to many major sporting events like The NBA All-Star event and our coveted Indy 500 allows visitors from all across the country a sneak peek at our friendly Midwest city. The pandemic brought many luxury buyers from big cities who were seeking a lower cost of living, space and the charm of the midwest lifestyle. That combined with the economic development from large corporations like Eli Lilly and Salesforce have created the perfect storm to attract a mix of both business professionals and those seeking a simpler way of life.
Do you have any stats or data about the market over the past year that are notable?
One of the biggest issues in Central Indiana has been the lag in housing construction despite the increase in population. The deficit is as high as 13% in some counties. However, this issue is finally being addressed and analysts suggest these rates are on track to resolve in the next four years. Home prices in the area are 20% less than the national average creating an attractive environment for Buyers. The National Association of Realtors suggests a potential increase of 13.5% in existing home sales and a 19% increase in new home sales by the end of this year.
What are your predictions for real estate in Indianapolis? What can we expect to see this year and into the future?
We have been ranked as one of the top 10 hottest housing markets for 2024 according to Zillow. Our suburbs such as Carmel, Zionsville, Westfield, Fishers and Noblesville frequently appear on national lists of the safest and best places to live. We expect to see continued growth and a steady increase in home values, especially if rates begin to drop. In particular, Zionsville and Boone County are slated for major growth due to a new project known as the LEAP district developed by the Indiana Economic Development Corporation to attract large investments, particularly from the tech sector. Zionsville has already experienced a 38% increase in property values in the last four years. Estimates show the LEAP project will nearly double the population in the next 30 years and create a need for 30,000 additional households.
