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Personally, my gut tells me not to have much confidence in the Indy housing market. I've been looking for a house for over a year. What I have noted is that there are plenty of houses on the market- many that are in need of major updates, in my opinion- but many sellers are pricing homes as if Indy is a sellers market.
I've noticed recently that a few houses that have actually been on the market since early 2006 being pulled then relisted with an updated number at the same or higher list price. That coupled with the property tax issues and high foreclosure rates has given me great pause in terms of whether or not Indy is a good investment. I think values will continue to fall for the next year, maybe two.
In the end, I've decided to rent for a year or two (unless I stumble upon a great deal in a very specific neighborhood within the next few weeks). I'm in the midst of pursuing a career change and hope that in two to three years I can take those new and improved skills and advanced degree and go elsewhere.
Indy might be a good market for people who are looking to stay long-term, but it definitely isn't a market where I think one should necessarily buy if there is a good chance of being ready to move on in less than ten years.
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Real Estate Market Conditions Indianapolis and Surrounding Areas as of 2007 ?
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