Indianapolis Home Shopping Trends

2014 National Market Intelligence Packet of some cities in Indiana with a hint on the perception and preferences of home shoppers.

Infographic by Builders Digital Experience; data compiled by Hanley Wood from Metrostudy, Nielson, U.S. Census Bureau and NAHB.

Every part of the country has unique factors that make its residents and their behavior truly unique.

By Alexis Breitkreutz

Indianapolis homebuyers are no different. More than just residents of the same city as one of the biggest race tracks in the country, Indianapolis residents are truly one of a kind. Full of art, diehard sports fans and so much more, Indianapolis has a little bit of something for everyone. For those looking for work in the tech field, Indianapolis was highly ranked by Forbes as one of the Best Places for Businesses and Careers and has even earned the nickname “The Silicon Valley of the Midwest” by many.

Indianapolis homebuyers seem to be doing well for themselves. The majority of home shoppers are buying because of an increase in income and are looking for an upgrade. Due to affordable interest rates and comfortable buying positions, homebuyers are taking time to evaluate their options. About 80 percent use a real estate agent; however, the buying process often takes more than nine months. Indianapolis home shoppers are in it for the long haul — they tend to stay in their homes for around 16 years.

Take a look at this infographic for more info.


A chart showing the preferences and perception of buyers and the different components of homes in some cities in Indiana.



Graphic won’t load? Here’s what you missed …

The Most Important Qualities to Look for in a Home

 

• Quality of construction
• Safer neighborhood
• Better floor plans
• Architecture/overall design (appearance of house)
• Energy efficiency

New Versus Used


• 18 percent of Indianapolis-area home shoppers prefer newly built homes.
• 53 percent of Indianapolis-area home shoppers prefer used homes.
• 30 percent of Indianapolis-area home shoppers are indifferent.

Why Buy a House?

• Favorable interest rates
• Tired of current house
• Increase in income

Time Frame When Searching for a New Home

• The majority of buyers (45 percent) search between 9 and 12 months.
• 5 percent of buyers spend 6 to 9 months looking for a home.
• 3 percent of Indianapolis-area homebuyers spend 3 to 6 months searching for a home.
• 10 percent of home shoppers find a home in less than 3 months.

Local Housing Stats


• The average Indianapolis home was built in 1976.
• The average Indianapolis homeowner will stay in their home for 16 years.
• Indianapolis home shoppers are 13 percent less receptive to newly built homes than the national average.
About 80 percent of home shoppers in the Indianapolis area will use a real estate agent.

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