South Indianapolis, Indianapolis, IN—46240
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Indianapolis, Indianapolis, IN
As of Oct '25, the median home price in South Indianapolis, Indianapolis, IN is $361,000, with a year-over-year change of 3.3%. This indicates that home prices in South Indianapolis, Indianapolis, IN are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $361,000 | 3.3% |
| Single Family | $375,000 | 3.0% |
| Condos | $279,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $279,000 | 2.2% |
3 Bed | $348,000 | 3.0% |
4 Bed | $500,000 | 4.8% |
| 5 Bed | $955,000 | 3.7% |
% of Housing Stock
Rental Trends — South Indianapolis, Indianapolis, IN
As of July '25, Rentcast reports the average rent in South Indianapolis, Indianapolis, IN is $1,750, with a year-over-year rent change of -12.9%. Per bedroom, the median rent as of July '25 in South Indianapolis, Indianapolis, IN is studios: $1,320, 1-bedrooms: $1,230, 2-bedrooms: $1,810, 3-bedrooms: $2,380, 4-bedrooms: $2,570. The most common rental property sizes in South Indianapolis, Indianapolis, IN are 1-bedroom and 2-bedroom, accounting for 42.9% and 39.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,470 | $1,750 |
| Studio Rent | $1,300 | $1,320 |
| 1 Bed Rent | $1,200 | $1,230 |
| 2 Bed Rent | $1,490 | $1,810 |
| 3 Bed Rent | $1,880 | $2,380 |
| 4 Bed Rent | $1,800 | $2,570 |
% of Rental Stock
Property Listings — South Indianapolis, Indianapolis, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in South Indianapolis, Indianapolis, IN is 47. This is a increase of 11.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 54.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $377,000 | 9.0% |
Listing Count | 59 | 16.0% |
| Listings as % of Homes | 0.3% | 16.0% |
Days on Market | 47 | 11.0% |
Demographics — South Indianapolis, Indianapolis, IN
As of the latest ACS Survey released in 2023, South Indianapolis, Indianapolis, IN has a population of 19,600, which has remained stable by -0.4% over the past 5 years. South Indianapolis, Indianapolis, IN is a moderately popular place for families, as children make up 16.6% of the population. The area has a highly educated workforce, with 58.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,600 | -0.4% |
% Under 18 | 16.6% | 2.5% |
% Seniors | 17.9% | -14.4% |
% WFH | 16.7% | 209.3% |
% w/ College Degree | 58.7% | 6.9% |
As of the latest ACS Survey released in 2023, South Indianapolis, Indianapolis, IN is a predominantly white area, with 73.7% of the population identifying as white. The white population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in South Indianapolis, Indianapolis, IN is black, making up 10.5% of the population. Foreign-born residents account for 6.7% of the population in South Indianapolis, Indianapolis, IN, and this percentage has decreased by 35.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 73.7% | -5.1% |
% Black | 10.5% | 8.2% |
% Hispanic | 5.7% | 58.3% |
% Asian | 3.5% | -39.7% |
% Foreign Born | 6.7% | -35.6% |
Mortgage and Risk — South Indianapolis, Indianapolis, IN
According to HUD data as of 2023, there were 312 mortgage originations in South Indianapolis, Indianapolis, IN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in South Indianapolis, Indianapolis, IN. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 312 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — South Indianapolis, Indianapolis, IN
As of 2024, the percent of homes in South Indianapolis, Indianapolis, IN under the Section 8 program is 2.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In South Indianapolis, Indianapolis, IN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 170 |
Total Units Section 8 | 170 |
% Rentals under Section 8 | 2.8% |
% Occupied Section 8 | 76.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $1,200 | $1,290 |
| 2 Bedroom | $20 | $1,490 | $1,510 |
| 3 Bedroom | $80 | $1,880 | $1,960 |
| 4 Bedroom | $590 | $1,800 | $2,390 |
Affordability — South Indianapolis, Indianapolis, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $361,000 |
| Median Household Income | $70,700 |