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Indianapolis, IN 46203 Real Estate Market Report

ZIP Code: 46203
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.


Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Analysis Window
90 Days
Total Properties Analyzed
135
Active Listings
103
Sold Properties
32

Market Metrics

Median Listing Price
$219,950
Median Sold Price
$169,000
Median Price per Sqft
$153/sqft

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.


Rental Market

Median Market Rent
$1,445

Property Taxes

Property Tax Rate
1.15%

Liquidity & Velocity

Median Days on Market
241
Sale-to-List Ratio
100.0%

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.


Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Price YoY Trend
up
Market Temperature
neutral
Rent YoY Trend
up
Interest Rate Pressure
elevated

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Indianapolis are 6.38%, which is 0.5% higher than the 5.88% average observed for typical loans in this area during January 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.


Key Findings

  1. The primary market-value signal is the median sold price of 169,000, which points to realized transaction levels below current asking levels and suggests sellers may need to close pricing gaps to match buyer expectations.

  2. Despite a higher median listing price of 219,950, the median sold price of 169,000 combined with a median days on market of 241 appears to indicate slower sales velocity and pricing friction that may require concessions or longer marketing periods to achieve contracts.

  3. With a median price per square foot of 153 and rent trends showing year-over-year growth (up), the market presents a value proposition for investors focused on units with rental upside, though elevated interest rate pressure at 6.38% (elevated) may compress buyer purchasing power and lengthen underwriting timelines.

  4. Market temperature is reported as neutral, and sampled inventory shows elevated supply relative to sales activity; this combination suggests balanced-to-cool conditions where sellers should price to recent sold comparables (median sold price 169,000) to improve liquidity and avoid extended days on market.


Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Recent Transactions

1162 English Ave, Indianapolis, IN 46203
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

3 beds
3 baths
2,302 sqft
$600,000
Feb 1, 2026
$261/sqft/sqft
161 days on market
1067 Hosbrook St, Indianapolis, IN 46203
Premium

Sold above market average

3 beds
1 baths
1,781 sqft
$595,000
Feb 1, 2026
$334/sqft/sqft
241 days on market
1803 Fletcher Ave Fl Etcher, Indianapolis, IN 46203
Premium

Sold above market average

3 beds
3 baths
2,256 sqft
$450,000
Feb 1, 2026
$199/sqft/sqft
260 days on market
1730 S State Ave, Indianapolis, IN 46203
Premium

Sold above market average

2 beds
1 baths
704 sqft
$139,999
Feb 1, 2026
$199/sqft/sqft
310 days on market
2855 Walker Ave, Indianapolis, IN 46203
Premium

Sold above market average

2 beds
1 baths
576 sqft
$139,000
Feb 1, 2026
$241/sqft/sqft
947 days on market
1214 Lexington Ave, Indianapolis, IN 46203
Value

Sold below market average

2 beds
1 baths
1,080 sqft
$137,500
Feb 1, 2026
$127/sqft/sqft
112 days on market
1620 E Palmer St, Indianapolis, IN 46203
Value

Sold below market average

2 beds
1 baths
824 sqft
$60,000
Feb 1, 2026
$73/sqft/sqft
252 days on market
5709 Churchman Ave, Indianapolis, IN 46203
Value

Sold below market average

2 beds
2 baths
1,760 sqft
$52,500
Mar 1, 2026
$30/sqft/sqft
98 days on market

Indianapolis, IN 46203 Real Estate Market Report

ZIP Code: 46203
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.


Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Analysis Window
90 Days
Total Properties Analyzed
35
Active Listings
3
Sold Properties
32

Market Metrics

Median Listing Price
$99,900
Median Sold Price
$190,000
Median Price per Sqft
$150/sqft

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.


Rental Market

Median Market Rent
$1,200

Property Taxes

Property Tax Rate
1.52%

Liquidity & Velocity

Median Days on Market
350
Sale-to-List Ratio
100.0%

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.


Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Price YoY Trend
up
Market Temperature
neutral
Rent YoY Trend
up
Interest Rate Pressure
elevated

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Indianapolis are 6.38%, which is 0.5% higher than the 5.88% average observed for typical loans in this area during January 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.


Key Findings

  1. The primary indicator, 190,000 median sold price, represents recent transaction-level value in the neighborhood and should be treated as the best single measure of market pricing for SFR and condo sales; use this as the baseline for valuation when comparing comps and underwriting offers.

  2. The 350 median days on market points to materially slower sales velocity and suggests pricing friction and extended time-to-contract — this appears to be driving more cautious seller expectations and indicating moderated liquidity rather than rapid turnover.

  3. The 150 median price per square foot together with a 1,200 median market rent (and a rent year-over-year trend of up) suggests rents are rising while price-per-square-foot remains at this level; investors should use the transaction-level median sold price as the primary price signal rather than listing cues when assessing cash-flow scenarios.

  4. Interest-rate pressure is elevated and the market temperature is neutral, which together suggest buyers face reduced purchasing power while overall market balance remains neither strongly favoring sellers nor buyers — this combination may produce selective buying opportunities where properly priced, representative recent sales align with financing conditions.


Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Recent Transactions

435 Virginia Ave Unit 402, Indianapolis, IN 46203
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

3 beds
2 baths
1,939 sqft
$520,000
Jan 1, 2026
$268/sqft/sqft
196 days on market
435 Virginia Ave Unit 106, Indianapolis, IN 46203
Premium

Sold above market average

2 beds
2 baths
1,747 sqft
$402,000
Feb 1, 2026
$230/sqft/sqft
333 days on market
927 Noble St Apt 12, Indianapolis, IN 46203
Premium

Sold above market average

2 beds
1 baths
1,008 sqft
$280,000
Dec 1, 2025
$278/sqft/sqft
183 days on market
2102 Prospect St, Indianapolis, IN 46203
Market Benchmark

Sold at market average

- beds
- baths
1,520 sqft
$245,000
Nov 1, 2025
$161/sqft/sqft
234 days on market
3112 Wildcat Ln, Indianapolis, IN 46203
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

3 beds
1 baths
1,376 sqft
$187,900
Nov 1, 2025
$137/sqft/sqft
225 days on market
3112 Wildcat Ln, Indianapolis, IN 46203
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

3 beds
1 baths
1,376 sqft
$187,900
Nov 1, 2025
$137/sqft/sqft
225 days on market
3010 Wildcat Ln, Indianapolis, IN 46203
Value

Sold below market average

2 beds
1 baths
1,206 sqft
$152,000
Dec 1, 2025
$126/sqft/sqft
260 days on market
3010 Wildcat Ln, Indianapolis, IN 46203
Value

Sold below market average

2 beds
1 baths
1,206 sqft
$152,000
Dec 1, 2025
$126/sqft/sqft
260 days on market

Investment Analysis

Compare rental income potential against ownership costs and benchmark against market averages.

Rent vs Cost to Own

Monthly rental income vs estimated ownership cost

$397/mo
46203 Avg Rent
46203 Cost to Own
Rent$1,445
Own$1,048

20% down, 6.3% rate, 1.1% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

46203 Avg nightly rate
46203 Avg occupancy (days/year)
Nightly rate$186/night
Occupancy126 of 365 days

Data Sources

Real estate market data & public records, and GemHaus® proprietary models.

Report generated: 5/1/2026

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