Indianapolis Metro Real Estate Market Analysis
Comprehensive 12-Month Market Data • January 22, 2026
Current Mortgage Rates (As of January 22, 2026)
30-Year Fixed (Purchase)
6.05%
↓ -0.52% vs. 1 year ago
30-Year Fixed (Refinance)
6.32%
↓ -0.72% vs. 1 year ago
15-Year Fixed (Purchase)
5.52%
↓ -0.75% vs. 1 year ago
15-Year Fixed (Refinance)
5.49%
↓ -0.78% vs. 1 year ago
30-Year FHA
6.19%
↓ from 7.09% a year ago
30-Year VA
5.64%
↓ from 6.45% a year ago
Mortgage Rate Summary
Market Outlook: 30-year fixed rates hover around 6.05%, representing a decline from the elevated levels seen in 2025. Freddie Mac reports the lowest rates in over three years as of mid-January 2026.
Key Observation: While rates have improved significantly compared to January 2025 (which averaged 7.04%), they remain elevated compared to pandemic-era lows in the 2-3% range.
Expert Forecast: Fannie Mae's January 2026 Housing Forecast predicts rates will stabilize around 6.0% for most of 2026-2027.
| Market Area | Current Median Price | 12-Month Trend % | Trend Direction | Price Movement |
|---|---|---|---|---|
| Hamilton County | $465,000 | -0.34% | ↓ Declining | Essentially flat with slight downward pressure |
| Boone County | $704,760 | -22.89% | ↓ Declining | Significant 12-month decline |
| Lawrence Township (Marion Co.) | $285,000 | +10.17% | ↑ Appreciating | Strongest growth in study period |
| Washington Township (Marion Co.) | $391,500 | -0.35% | ↓ Declining | Essentially flat market |
| Carmel | $560,000 | -0.37% | ↓ Declining | Very stable with minimal movement |
| Fishers | $219,900 | +6.54% | ↑ Appreciating | Solid growth trajectory |
| Westfield | $466,283 | +6.27% | ↑ Appreciating | Positive momentum in 12-month period |
| Noblesville | $390,000 | -2.41% | ↓ Declining | Modest downward pressure |
| Zionsville | $727,000 | -22.89% | ↓ Declining | Significant 12-month decline |
| Whitestown | Insufficient data (0 sales in period) | |||
| Market Area | Current Avg $/SqFt | Median $/SqFt | 12-Month Trend % | Analysis |
|---|---|---|---|---|
| Hamilton County | $285.88 | $209.60 | +7.18% | Per-sqft costs trending up despite flat median prices |
| Boone County | $280.94 | $245.47 | +8.02% | High variance between avg/median indicates mixed inventory |
| Lawrence Township (Marion Co.) | $166.28 | $164.52 | +3.60% | Most affordable per-sqft pricing in study group |
| Washington Township (Marion Co.) | $302.92 | $208.23 | +7.39% | Large variance suggests bifurcated market |
| Carmel | $252.90 | $233.45 | +8.18% | Steady appreciation in price per square foot |
| Fishers | $178.34 | $170.44 | -0.13% | Virtually unchanged on per-sqft basis |
| Westfield | $404.49 | $209.58 | +7.07% | Highest per-sqft average; strong appreciation trend |
| Noblesville | $199.24 | $185.87 | -0.08% | Essentially flat on per-sqft pricing |
| Zionsville | $280.53 | $246.89 | +8.02% | Strong per-sqft appreciation despite declining median |
| Whitestown | Insufficient data available | |||
| Market Area | Avg Days on Market | Median Days on Market | 12-Month Trend | Market Activity |
|---|---|---|---|---|
| Hamilton County | 33.6 days | 12.0 days | +7.06 days | Strong buyer demand; median suggests quick sales |
| Boone County | 31.9 days | 9.0 days | -14.33 days | Improving market efficiency; faster turnover |
| Lawrence Township (Marion Co.) | 31.2 days | 13.0 days | +13.07 days | Longest median DOM in dataset; slower market |
| Washington Township (Marion Co.) | 35.7 days | 13.0 days | +7.23 days | Longest average DOM; largest variance from median |
| Carmel | 24.6 days | 7.0 days | +15.56 days | Fastest moving market; strong buyer competition |
| Fishers | 46.4 days | 18.0 days | -168.5 days | Extremely limited sample (43 sales); high volatility |
| Westfield | 39.4 days | 15.0 days | +10.30 days | Moderate DOM; some properties linger longer |
| Noblesville | 35.1 days | 15.0 days | +9.16 days | Moderate activity with some slower-moving inventory |
| Zionsville | 35.2 days | 9.0 days | -14.33 days | Improving efficiency; faster sales velocity |
| Whitestown | No sales data available | |||
| Market Area | Listings Sold (12mo) | Active Listings (Current) | Expired Listings (All) | Market Dynamics |
|---|---|---|---|---|
| Hamilton County | 4,408 | 536 | 610 | Highest volume market; 1.1x active-to-expired ratio |
| Boone County | 515 | 39 | 68 | Lower volume; 0.57x active-to-expired ratio |
| Lawrence Township (Marion Co.) | 1,429 | 202 | 256 | Second highest volume; balanced inventory |
| Washington Township (Marion Co.) | 3,321 | 434 | 565 | Very strong market; 0.77x active-to-expired ratio |
| Carmel | 1,440 | 136 | 213 | Moderate volume; 0.64x active-to-expired ratio |
| Fishers | 43 | 2 | 2 | ⚠️ Critically limited sample size; caution with analysis |
| Westfield | 1,471 | 198 | 193 | Strong volume; 1.03x active-to-expired ratio (best) |
| Noblesville | 1,391 | 188 | 192 | Solid volume; 0.98x active-to-expired ratio |
| Zionsville | 562 | 52 | 73 | Moderate volume; 0.71x active-to-expired ratio |
| Whitestown | No transactions in 12-month period | |||
| Market Area | Total Concessions Paid | Sales with Concessions | % of Sales with Concessions | Buyer Power Indicator |
|---|---|---|---|---|
| Hamilton County | $9,942,683 | 1,448 | 32.85% | Moderate buyer leverage |
| Boone County | $896,519 | 131 | 25.44% | Lower concession rate; seller's market |
| Lawrence Township (Marion Co.) | $3,262,559 | 599 | 41.92% | Highest concession %; buyer leverage peak |
| Washington Township (Marion Co.) | $7,093,913 | 1,133 | 34.12% | Moderate to high buyer leverage |
| Carmel | $2,571,891 | 351 | 24.38% | Lower concessions; balanced market |
| Fishers | $34,889 | 12 | 27.91% | Limited sample; not representative |
| Westfield | $3,841,391 | 522 | 35.49% | Above-average buyer leverage |
| Noblesville | $3,407,346 | 542 | 38.96% | High buyer leverage; many concessions |
| Zionsville | $955,715 | 145 | 25.80% | Lower concession rate; seller strength |
| Whitestown | No concession data available | |||
📊 Key Data Notes:
- Fishers: Only 43 sales in 12-month period (2 active, 2 expired) - data should be treated as preliminary and not representative of broader market trends.
- Whitestown: Zero sales recorded in the dataset period - insufficient data for analysis.
- Lawrence Township: Shows strongest price appreciation (+10.17%) despite highest concession rate (41.92%), suggesting mixed inventory characteristics.
- Boone County & Zionsville: Significant 12-month median price declines (-22.89%) offset by positive price-per-sqft appreciation, indicating shift in property mix.
- Carmel: Fastest market turnover (24.6 days avg; 7 days median) with lowest concession rate (24.38%) - strongest seller's market conditions.
- Concessions Interpretation: Higher percentages indicate stronger buyer negotiating power; lower percentages suggest seller advantages and reduced inventory pressure.
