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Indianapolis, IN 46208 Real Estate Market Report

ZIP Code: 46208
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
98
Active Listings
73
Sold Properties
25

Market Metrics

Median Listing Price
$190,000
Median Sold Price
$189,250
Median Price per Sqft
$133/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
$1,250

Property Taxes

Property Tax Rate
1.11%

Liquidity & Velocity

Median Days on Market
340
Sale-to-List Ratio
100.0%

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
down
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 the Indianapolis 46208 market are approximately 6.4%, reflecting a stable environment for property owners compared to the broader 2026 average of 6.8%.

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


Key Findings

  1. Median sold price: $189,250 — The neighborhood's recent transaction benchmark is the median sold price of $189,250, which serves as the primary indicator of market value and recent liquidity; given the long median days on market of 340, this appears to reflect slower sales velocity and pricing friction rather than rapid turnover. neutral market temperature

  2. Median listing price: $190,000 vs. median sold price: $189,250 — The proximity between the median listing price and the median sold price suggests seller expectations are generally aligned with realized values, but the market shows room for negotiation as transaction velocity is muted. balanced pricing

  3. Price trend: down — Local price momentum is down, indicating softening in year-over-year pricing; coupled with elevated interest rate pressure, this suggests sellers may need to be more flexible on price and terms to transact. elevated interest rate pressure

  4. Median market rent: $1,250 and median price per square foot: $133 — Rental rates are trending up while the median price per square foot sits at $133, indicating stabilizing rental demand even as home value momentum softens; investors should weigh rental upside against slower sales velocity and elevated financing rates (market 30‑year fixed ~6.4% vs. broader 2026 average 6.8%). rent up


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

33 W 42nd St, Indianapolis, IN 46208
Top Sale

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

4 beds
1 baths
2,842 sqft
$1,160,000
Feb 1, 2026
$408/sqft/sqft
185 days on market
502 Buckingham Dr, Indianapolis, IN 46208
Premium

Sold above market average

4 beds
2 baths
3,086 sqft
$850,000
Feb 1, 2026
$275/sqft/sqft
280 days on market
4651 N Illinois St, Indianapolis, IN 46208
Premium

Sold above market average

5 beds
2 baths
2,056 sqft
$611,000
Feb 1, 2026
$297/sqft/sqft
3305 days on market
642 Udell St, Indianapolis, IN 46208
Value

Sold below market average

4 beds
- baths
2,780 sqft
$293,761
Feb 1, 2026
$106/sqft/sqft
4077 Rookwood Ave, Indianapolis, IN 46208
Market Benchmark

Sold at market average

3 beds
3 baths
2,040 sqft
$280,000
Apr 1, 2026
$137/sqft/sqft
371 days on market
4710 Hinesley Ave, Indianapolis, IN 46208
Premium

Sold above market average

2 beds
1 baths
1,066 sqft
$265,000
Feb 1, 2026
$249/sqft/sqft
367 days on market
1346 W 27th St, Indianapolis, IN 46208
Value

Sold below market average

3 beds
2 baths
1,494 sqft
$150,000
Feb 1, 2026
$100/sqft/sqft
333 days on market
1359 Edgemont Ave, Indianapolis, IN 46208
Value

Sold below market average

4 beds
2 baths
1,780 sqft
$130,000
Feb 1, 2026
$73/sqft/sqft
122 days on market

Indianapolis, IN 46208 Real Estate Market Report

ZIP Code: 46208
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
29
Active Listings
4
Sold Properties
25

Market Metrics

Median Listing Price
$150,750
Median Sold Price
$138,500
Median Price per Sqft
$138/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
$1,250

Property Taxes

Property Tax Rate
1.17%

Liquidity & Velocity

Median Days on Market
458
Sale-to-List Ratio
100.0%

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
down
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 the Indianapolis 46208 market are approximately 6.4%, reflecting a stable environment for property owners compared to the broader 2026 average of 6.8%.

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 indicator is the median sold price of $138,500, which represents recent transaction-level pricing and should guide valuation comparisons rather than asking prices; the long median days on market of 458 suggests slower sales velocity and moderate transaction friction.

  2. Local pricing pressure is down year-over-year while the median price per square foot remains $138, indicating recently completed sales are lower than the prior year even as per-square-foot benchmarks hold some consistency.

  3. Liquidity appears balanced-to-cool in practice—market temperature is reported as neutral—so expect some negotiation room for buyers and measured seller expectations; this aligns with the characterization of relatively constrained active supply in the analyzed sample and slower turnover.

  4. Rental market signals are mixed: median market rent is $1,250 with rents trending up year-over-year, while interest rate pressure is elevated; note the current 30-year fixed mortgage rate in the local market is reported at 6.4% versus a broader 2026 average of 6.8%, which may support owner stability but keeps financing costs high for new buyers.


Notable Properties

The following 6 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

3511 N Illinois St, Indianapolis, IN 46208
Top Sale

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

- beds
- baths
1,312 sqft
$300,000
Dec 1, 2025
$229/sqft/sqft
3249 N Capitol Ave, Indianapolis, IN 46208
Premium

Sold above market average

3 beds
2 baths
1,164 sqft
$287,000
Feb 1, 2026
$247/sqft/sqft
472 days on market
3249 N Capitol Ave, Indianapolis, IN 46208
Premium

Sold above market average

3 beds
2 baths
1,164 sqft
$287,000
Feb 1, 2026
$247/sqft/sqft
472 days on market
2850 N Kenwood Ave, Indianapolis, IN 46208
Market Benchmark

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

- beds
- baths
1,053 sqft
$140,000
Jan 1, 2026
$133/sqft/sqft
182 days on market
3965 N Meridian St Apt 3f, Indianapolis, IN 46208
Market Benchmark

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

2 beds
1 baths
1,360 sqft
$138,000
Dec 1, 2025
$101/sqft/sqft
176 days on market
3965 N Meridian St Apt 2g, Indianapolis, IN 46208
Market Benchmark

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

1 beds
1 baths
941 sqft
$119,900
Nov 1, 2025
$127/sqft/sqft
787 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

$83/mo
46208 Avg Rent
46208 Cost to Own
Rent$1,250
Own$1,167

20% down, 6.3% rate, 1.1% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

46208 Avg nightly rate
46208 Avg occupancy (days/year)
Nightly rate$182/night
Occupancy122 of 365 days

Data Sources

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

Report generated: 5/1/2026

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