Indiana may not be one of the largest states in the country by size, but, with numerous plants across the state, they are one of the largest manufacturers in the country. Major manufacturing for the state include the production of steel, heavy machinery, pharmaceuticals, automobiles, and many different coal type products. They are also rich in agriculture with a heavy production in corn. As the nation’s leading producer of steel, the state has felt less of an effect from the economic downturn as much of their neighboring states. Steel and other products like heavy machinery are needed regardless of market conditions and typically see less effect from bad economies. Lower wages in the state for skilled labor workers has also helped to keep businesses in the state and keep workers employed. The housing market for Indiana has remained fairly stable as a result of the manufacturing and production that continues to fuel the state’s economy.

Indiana neighbors: Michigan in the north, Ohio in the east, Illinois on the west, and Kentucky in the south. The state’s landscape is very flat with plains and small hills making up much of the state; the highest point being only 1,257 ft. The largest cities in the state are Indianapolis (795,458), Fort Wayne (251,247), Evansville (116,253), and South Bend (104,069). Indianapolis is the largest city in the state and continues to grow. Most of the population growth for the state has been in Indianapolis and its neighboring areas. Indianapolis is famous for its many sports teams and sporting events that take place in the city. The Indianapolis 500 race is the largest single-day sporting event in the world. Nicknamed the “Indy 500”, it brings thousands of people from all over the world to Indiana. Read more »

The Indiana housing market has stayed relatively healthy in today’s market. Indianapolis has experienced the largest growth and continues to remain the focus for many of the top builders. The city’s very affordable housing prices are making it much easier for buyers to make decisions. Indianapolis has one of the lowest average prices for new homes in nation. Rated as one of the most affordable markets in the nation, buyers from all over the country may start purchasing homes in the area as price continues to be a major purchasing decision.

Sales Trends
In a report by Hanley Wood on the healthiest markets in the country, Indianapolis is rated the 8th healthiest in the nation for 2009. Although there isn’t a lot of sales volume for the city, the market has remained fairly stable. With a total of 7,004 sales for 2008, volume is much lower than many of the other major markets. The volume, however, is not much of a decrease from previous years. The average price has also remained fairly consistent. With only a 7.7% decrease in price, builders have managed to maintain much of their revenue. A more detailed look at this report is available here.

Other Key Trends
In today’s economy, price has become one of the most important factors when purchasing a home. Home buyers are trying to find the best price for what they are looking for. Indiana offers one of the lowest prices for new homes in the nation. These prices have also remained fairly consistent in recent years, helping builders to keep revenue and focus on higher quality. Home buying may increase more and more as people from across the nation start to consider the lowest prices for new homes and consider relocating.  « Close »