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A nationwide rise in the number of homes losing value over the past year has reached the Circle City, according to a new Zillow report.

Why it matters: Nearly half (48.7%) of Indianapolis homes lost value year-over-year in October, according to Zillow. 

That's slightly lower than the U.S. average of 53%.

Yes, but: Homeowners still "have plenty to feel good about," the real estate site reports.

State of play: Since most homeowners bought before a surge in prices in the early 2020s, the median home value in October was 67% higher than when the property was last sold.

Just 4% lost value in that time, around 8.5 years for the typical homeowner.

Reality check: There's a difference between taking a loss and being "underwater."

Far fewer homes are underwater today compared to 2019, Zillow chief economist Mischa Fisher says.

Zoom out: Losses over the past year were most widespread in the West and South, where there are more available homes and greater climate risks.

The metros with the greatest decline were Denver (91%), Austin, Texas (89%) and Sacramento, California (88%), Zillow found.

The intrigue: It's a homebuyer's market right now, if you can afford it. Persistently high mortgage rates and prices have sidelined many.

Nationwide, home sellers outnumber buyers by a record 37%, Redfin estimates.

The Indy metro had 26% more sellers than buyers in October.

Nearly half of Indianapolis homes are losing value

A nationwide rise in the number of homes losing value over the past year has reached the Circle City.

Share of homes that lost value year-over-year

A nationwide rise in the number of homes losing value over the past year has reached the Circle City, according to a <a class="gtmContentClick" data-vars-link-text="new Zillow report" data-vars-click-url="https://zillow.mediaroom.com/2025-11-17-53-of-U-S-homes-lost-value-in-the-past-year,-the-most-since-2012" data-vars-content-id="08667ba2-476c-4bea-961b-e4c188cef09a" data-vars-headline="Nearly half of Indianapolis homes are losing value" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://zillow.mediaroom.com/2025-11-17-53-of-U-S-homes-lost-value-in-the-past-year,-the-most-since-2012" target="_blank">new Zillow report</a>.Why it matters: Nearly half (48.7%) of Indianapolis homes lost value year-over-year in October, according to Zillow.

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Mahjong is having a moment — it's finding new fans and fueling a boom in lessons, clubs and community events.

The big picture: The centuries-old Chinese tile game where players draw, discard and strategize toward a winning hand has long been a cherished pastime — first among Asian families and later embraced by Jewish communities.

Now, it's part of a larger return to tactile hobbies — think pickleball, needlepoint and puzzles.

There are more than 40 global variations, and "the game has been changing ever since it started," historian Gregg Swain tells Axios.

State of play: Meet at Mahj opened a studio and boutique in Zionsville two months ago, but is already moving into a larger space. It hosts lessons, parties and open play sessions for American mahjong.

Owner Jaime Keith has spent most of her life teaching people how to play.

"I didn't live in areas that Mahjong was common," Keith said, who has been playing since she was 5 years old. "So I've always taught people."

She began teaching at the local library a few years ago before launching her business.

Smiling woman in a black "MAHJONG" shirt sits in a cozy room with white shelves and tables covered with cloths, holding an open mahjong set case with yellow and green tiles.

Jaime Keith teaches mahjong in her Zionsville studio. Photo: Arika Herron/Axios

What she's saying: "It grows with you," Keith told Axios, "and it changes every year."

"It brings people together … it brings you community."

Zoom in: Meet at Mahj hosts 101 and 102 level classes several times a month and open play through the week.

The Fishers Mah Jongg Center hosts open play weekly.

The Lawrence branch of the Indianapolis Public Library is hosting a Japanese mahjong lesson next month.

The Linden Tree boutique in Carmel hosts classes. The next one with available space is in January.

Nationally, Eventbrite mahjong listings jumped 179% between 2023 and 2024, driven by Gen Z's taste for analog connection.

Zoom out: American mahjong started on the East Coast, but in recent years it's surged in the South and is spreading to California and the Midwest.

What we're watching: Teachers are using social media to recruit more players, sharing strategy tips and bougie tablescapes.

TikTok posts with the hashtag #Mahjong surged nearly 25% over the past six months, data shared with Axios shows.

The bottom line: Mahjong has moved far beyond grandma's table.

Mahjong mania is fueling community, business in central Indiana

Meet at Mahj opened a studio and boutique in Zionsville two months ago, but is already moving into a larger space.

Illustration of Mahjong tiles stacked on top of each other, like an increasing bar chart.

<a class="gtmContentClick" data-vars-link-text="Mahjong" data-vars-click-url="https://www.axios.com/2025/09/28/mahjong-teacher-lesson" data-vars-content-id="c9ae44d3-963c-4d2e-a3c7-89a64014bedf" data-vars-headline="Mahjong mania is fueling community, business in central Indiana" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/09/28/mahjong-teacher-lesson" target="_self">Mahjong</a> is having a moment — it&#x27;s finding <a class="gtmContentClick" data-vars-link-text="new fans" data-vars-click-url="https://www.axios.com/local/charlotte/2025/07/23/where-to-play-mahjong-in-charlotte" data-vars-content-id="c9ae44d3-963c-4d2e-a3c7-89a64014bedf" data-vars-headline="Mahjong mania is fueling community, business in central Indiana" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2025/07/23/where-to-play-mahjong-in-charlotte" target="_self">new fans</a> and fueling a boom in lessons, clubs and community events.The big picture: The centuries-old Chinese tile game where players draw, discard and strategize toward a winning hand has long been a cherished <a class="gtmContentClick" data-vars-link-text="pastime" data-vars-click-url="https://www.smithsonianmag.com/arts-culture/the-asian-game-of-mahjong-which-creates-order-out-of-chaos-is-trending-in-the-west-180986021/" data-vars-content-id="c9ae44d3-963c-4d2e-a3c7-89a64014bedf" data-vars-headline="Mahjong mania is fueling community, business in central Indiana" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.smithsonianmag.com/arts-culture/the-asian-game-of-mahjong-which-creates-order-out-of-chaos-is-trending-in-the-west-180986021/" target="_blank">pastime</a> — first among Asian families and later embraced by Jewish communities.

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Data: LendingTree analysis of U.S. Census Bureau data; Note: Monthly costs include utilities, fees, and/or taxes; Median housing costs above $4,000 are recorded as "$4,000+" by the Census Bureau; Chart: Jacque Schrag/Axios

Owning a home is 34% more expensive in Indianapolis than renting, mirroring a national trend playing out across all 100 of the largest U.S. metro areas, per a LendingTree analysis.

Why it matters: Despite Indianapolis being named 2026's most buyer-friendly metro by Zillow and one of the National Association of Realtors top 10 homebuying hot spots, high home prices and mortgage rates could keep some hopeful homeowners left out of our increasingly competitive market.

By the numbers: In Indianapolis, the median monthly gross rent of $1,273 in 2024 was lower than the national median rent of $1,487, per the LendingTree report.

Indy's median monthly mortgage for 2024 was $1,707, lower than the national median of $2,035.

The $434 price difference between renting and owning ranks 71st among the 100 metros analyzed by LendingTree.

Between the lines: A growing number of Indianapolis renters are considered severely cost-burdened, meaning they spend more than 50% of their income on housing costs.

More Hoosiers are living smaller to keep costs down.

Stunning stat: A Realtor.com analysis finds that it takes Indianapolis-area residents seven years to save up the metro's median down payment amount of $29,007, in line with the national average but more than double the pre-pandemic norm.

Zoom out: New York (76%), Bridgeport, Connecticut (75%), and Providence, Rhode Island (67%) — saw the biggest percentage differences between homeowners' and renters' bills.

San Francisco posted the largest dollar difference: nearly $1,600.

Even in relatively affordable areas such as Phoenix and Orlando, Florida, renting remains around $200 cheaper per month.

What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.

Homebuyers may have to move to another city to find a place within reach, he says.

What we're watching: President Trump has proposed a raft of policies meant to lower mortgage rates and boost homebuying demand.

But making housing more affordable is easier said than done.

Legislation to address rising costs by increasing residential construction is also making its way through the Statehouse.

Go deeper: What 2026 could mean for Indiana's real estate market

The gap between renting and owning in Indy

Due to high prices and mortgage rates, Indy renters paid far less per month than homeowners in 2024.

Monthly median cost to rent or own by metro area

Owning a home is 34% more expensive in Indianapolis than renting, mirroring a national trend playing out across all 100 of the largest U.S. metro areas, per a <a class="gtmContentClick" data-vars-link-text="LendingTree analysis" data-vars-click-url="https://www.lendingtree.com/home/mortgage/comparing-rent-vs-owning-a-home-in-nations-largest-metros/" data-vars-content-id="ccb9b7c1-4597-498b-baa1-0fc14d5e5913" data-vars-headline="The gap between renting and owning in Indy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.lendingtree.com/home/mortgage/comparing-rent-vs-owning-a-home-in-nations-largest-metros/" target="_blank">LendingTree analysis</a>.Why it matters: Despite Indianapolis being named 2026&#x27;s <a class="gtmContentClick" data-vars-link-text="most buyer-friendly metro by Zillow" data-vars-click-url="https://www.zillow.com/news/indianapolis-leads-zillows-list-of-the-best-markets-to-buy-a-home-in-2026/" data-vars-content-id="ccb9b7c1-4597-498b-baa1-0fc14d5e5913" data-vars-headline="The gap between renting and owning in Indy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/news/indianapolis-leads-zillows-list-of-the-best-markets-to-buy-a-home-in-2026/" target="_blank">most buyer-friendly metro by Zillow</a> and one of the National Association of Realtors <a class="gtmContentClick" data-vars-link-text="top 10 homebuying hot spots" data-vars-click-url="https://www.nar.realtor/newsroom/national-association-of-realtors-unveils-top-10-homebuying-hot-spots-for-2026" data-vars-content-id="ccb9b7c1-4597-498b-baa1-0fc14d5e5913" data-vars-headline="The gap between renting and owning in Indy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nar.realtor/newsroom/national-association-of-realtors-unveils-top-10-homebuying-hot-spots-for-2026" target="_blank">top 10 homebuying hot spots</a>, high home prices and mortgage rates could keep some hopeful homeowners left out of our increasingly competitive market.

Reproduced from a Point2Homes report; Map: Axios Visuals

Indiana is drawing fewer out-of-state movers than most other states as nationwide mobility declines, a new analysis finds.

Why it matters: The trend could put a damper on civic leaders' push to grow downtown Indy's population by 20,000 people over the next decade.

Driving the news: Of those who moved to Indiana in 2024, 17.4% — nearly 134,000 — were from another state, according to an analysis of census data by rental listing site Point2Homes.

About 15% of those who moved to Indianapolis were from out of state, per the report.

That ranks Indy at No. 26 of 37 large cities that Point2Homes reviewed.

Zoom in: Hoosiers are moving — mostly within Indiana.

11.2% of Hoosiers in 2024 changed addresses during the previous year, per the report.

That's the nation's 27th-highest share of movers, and close to the 11% who moved nationally.

The big picture: Over time, Americans have become far less likely to move.

Fewer people than ever moved in 2024, Point2Homes found. A decade ago, 14% of Americans moved; in the 1960s, that figure was 20%.

Threat level: A sharp nationwide "decline in geographic mobility is the single most important social change of the past half century," The Atlantic's Yoni Appelbaum wrote earlier this year.

In any decade, "the people who have moved have done better economically than the people who stayed behind," Appelbaum said on a podcast in August, discussing his book, "Stuck."

"The last 50 years, as we've stopped moving, have also seen [a] sudden atrophy and decay of our social and civic life."

Context: Appelbaum cites "discriminatory zoning laws" and "community gatekeeping" as major reasons mobility has stalled.

Many who do move are going further afield, usually for housing affordability, climate resilience, or job opportunities.

What they're saying: "Falling mobility also affects economic resilience by limiting labor market flexibility, slowing wage growth and potentially reducing innovation as workers are less likely to move for better opportunities," the report says.

Here's how many out-of-staters are moving to Indianapolis

As Americans move less, even fewer are choosing to relocate to Indiana.

Map: Share who changed residences in 2024

Indiana is drawing fewer out-of-state movers than most other states as nationwide mobility declines, a new analysis finds.Why it matters: The trend could put a damper on <a class="gtmContentClick" data-vars-link-text="civic leaders&#x27; push" data-vars-click-url="https://www.axios.com/local/indianapolis/2025/09/30/state-of-downtown-indianapolis" data-vars-content-id="ea134a3f-67ed-4f6e-b422-442ab8b8f346" data-vars-headline="Here&#x27;s how many out-of-staters are moving to Indianapolis" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/indianapolis/2025/09/30/state-of-downtown-indianapolis" target="_self">civic leaders&#x27; push</a> to grow downtown Indy&#x27;s population by 20,000 people over the next decade.

For 2026, Hoosiers should expect lower mortgage rates but a still-tough housing market.

State of play: The National Association of Realtors has named Indianapolis one of its top 10 homebuying hotspots for 2026, citing low rates and large inventory.

Why it matters: Not everyone will be able to keep up in our increasingly competitive market, especially younger people.

"Even though budgets go further here, the market is still challenging for first-time buyers," Indiana Association of Realtors president Kim Ward said in a statement. "That's why sales above $250,000 account for all of our year-over-year growth while demand at starter home prices is still sluggish."

Zoom in: Here's what industry experts predict for this year.

U.S. mortgage rates are expected to hover near 6.3% in 2026, according to Realtor.com chief economist Danielle Hale.

Redfin also projects 30-year fixed rates will average 6.3%, dipping from 6.6% in 2025 while staying well above pandemic-era levels.

Hale tells Axios that challenges like the lack of affordability and the "lock-in effect" on homeowners are going to be present in 2026, "but the grip is kind of loosening."

The big picture: Cheaper monthly payments could lift home sales, even if they won't move the needle for every buyer as economic uncertainty and other costs loom large.

Also offering shoppers some relief: Wages are expected to grow faster than home prices, which will rise another 1% in 2026, per Redfin's forecast.

Ward says if rates continue to improve, "we can expect more Hoosiers to come off the sidelines in search of their first home in 2026."

Data: Redfin; Note: Excludes homes that spent more than a year on the market before going under contract; Map: Erin Davis/Axios Visuals

Homes are generally selling faster in the Midwest and Northeast, and slower in the South.

Case in point: Indiana homes spent a median of 31 days on the market in October — well below the U.S. median of 51 days, per Redfin.

Zoom out: Homes are changing hands at record low rates nationally. 

Roughly 70% of homes for sale in October sat on the market for at least 60 days, long enough to go "stale," according to Redfin.

Between the lines: Robert Dietz, chief economist for the National Association of Home Builders, said cities like Indianapolis, Columbus, Ohio, and Kansas City benefit from not only more affordable options, but also proximity to major universities.

By the numbers: Indianapolis' average sale price in November was $235,000, lower than the national median of $433,261 and down 3.5% year-over-year, per Redfin.

High housing costs may be reshaping U.S. households.

Think: More adult children living with their parents (and vice versa), smaller families and more friends buying homes together, according to Redfin researchers.

What we're watching: "Renovations that create space for multiple generations are becoming increasingly common" — from garage conversions to separate suites for adult kids or aging parents — as "families rethink the homes they already have," Redfin chief economist Daryl Fairweather tells Axios.

What 2026 could mean for Indiana's real estate market

Indy's housing market remains hotter than most, but not everyone will be able to take part in the action.

Illustration of a house floor plan with a business card reading "2026" and a key on top of it.

For 2026, Hoosiers should expect lower mortgage rates but a still-tough <a class="gtmContentClick" data-vars-link-text="housing market" data-vars-click-url="https://www.axios.com/2025/10/09/housing-population-growth" data-vars-content-id="efa97c79-cb61-4805-a679-07f46dd0ead5" data-vars-headline="What 2026 could mean for Indiana&#x27;s real estate market" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/09/housing-population-growth" target="_self">housing market</a>.State of play: The National Association of Realtors has named Indianapolis one of its <a class="gtmContentClick" data-vars-link-text="top 10 homebuying hotspots for 2026" data-vars-click-url="https://www.nar.realtor/newsroom/national-association-of-realtors-unveils-top-10-homebuying-hot-spots-for-2026" data-vars-content-id="efa97c79-cb61-4805-a679-07f46dd0ead5" data-vars-headline="What 2026 could mean for Indiana&#x27;s real estate market" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nar.realtor/newsroom/national-association-of-realtors-unveils-top-10-homebuying-hot-spots-for-2026" target="_blank">top 10 homebuying hotspots for 2026</a>, citing low rates and large inventory.

Mahjong is moving into Washington-area homes

Washington D.C.

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Axios San Antonio

What San Antonio area homeowners do for a living

San Antonio

A table shows San Antonioâs homeownership rate by occupation in 2024 compared with 2014. Management and business has the highest rate at 73%, down from 75% in 2014. Health care follows at 68%, up from 56%, marking the largest increase. Education and social services is 67%, slightly down from 68%. STEM and technical workers saw a notable decline to 61% from 69%. Sales and real estate stands at 58%, up from 56%, while skilled trades and construction is 57%, up slightly from 56%. Transportation and public safety fell to 55% from 59%. Service workers have the lowest rate at 48%, down from 51%.

S.A. metro homeownership rate, by occupation

Data: National Association of Realtors analysis of Census Bureau data; Chart: Madalyn Mendoza/Axios

Axios Dallas

What Dallas-Fort Worth homeowners do for a living

Dallas

A heat table that compares Dallas-Fort Worth homeownership rates by occupation in 2014 and 2024. Management and business have the highest rates but fell from 69% to 66% in 2024. Service rose from 48% to 51%. Most occupations declined, while health care increased from 54% to 56%.

Dallas-Fort Worth homeownership rate, by occupation

Data: National Association of Realtors analysis of Census Bureau data; Table: Tasha Tsiaperas/Axios

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