More than ever, Hamilton County is for the wealthy
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Hamilton County's status as a sanctuary for the wealthy is accelerating at an astonishing rate.
By the numbers: Million-dollar home sales are soaring, becoming more than twice as common as sales closing at $200,000 or less.
- Through Sept. 20, Hamilton County recorded 223 sales topping $1 million and 88 below $200,000, per Indiana Association of Realtors data.
Why it matters: Affordable homes have all but vanished, putting Hamilton County's sought-after amenities and schools out of reach for most buyers.
Flashback: Indianapolis' northern suburbs were accessible to working-class households until … just about now.
- As recently as 2021, sales under $200,000 were far more common — 500 closed in that price range while 200 sold for $1 million or more.
- Last year, seven-figure sales (258) jumped ahead of deals under $200,000 (220) for the first time.
The big picture: Hamilton County reflects the national real estate story of too many people chasing too few homes while interest rates are rising.
Yes, but: The intensity of demand north of 96th Street is excluding all but the most unconstrained buyers.
What they're saying: "The buyers who are still in the market at 7% mortgage rates are generally using the proceeds from a prior sale and/or have the budget flexibility to manage higher monthly payments until it's time to refinance if they find the right home," Chris Watts, the vice president of public affairs for the Indiana Association of Realtors, tells Axios.
- "The saying, 'Date the rate, marry the house,' is good long-term advice — but is a luxury reserved for those with the financial wherewithal to follow it. So that trend is amplified in Hamilton County, and the distribution of homes for sale is tilted further towards higher priced properties."
The bottom line: Hamilton County — with a median sale price of $430,000, compared with the statewide median of $255,000 — is in a separate real estate universe from the rest of Indiana.