Metro area index
Home appreciation in the Indianapolis-Carmel-Greenwood, IN metro area
FHFA HPI® data shows the Indianapolis-Carmel-Greenwood, IN metro area's all-transactions index changed +3.5% over the year to Q2 2026, versus +4.6% for Indiana and +3.0% for the U.S. That ranks 189th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +3.5%
- 5-year change
- +43.8%
- Since Q1 1995
- +220%
- Metro rank (1 year)
- 189th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Indianapolis-Carmel-Greenwood, IN vs Indiana and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Indianapolis-Carmel-Greenwood, IN: 319.6
- Indiana: 319.8
- United States: 391.6
Appreciation by time window
| Window | Metro | IN | U.S. | Gap vs IN | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +3.5% | +4.6% | +3.0% | −1.1 pts | +0.5 pts |
| 3 years | +12.7% | +16.2% | +12.9% | −3.5 pts | −0.1 pts |
| 5 years | +43.8% | +46.7% | +41.3% | −2.9 pts | +2.5 pts |
| 10 years | +107% | +104% | +93.3% | +3.0 pts | +13.3 pts |
| Since Q1 1995 | +220% | +220% | +292% | −0.2 pts | −71.9 pts |
3-digit ZIP regions in the Indianapolis-Carmel-Greenwood, IN area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 462 · Indianapolis, IN area | IN | +1.7% | +37.2% | +216% | 100% |
| 460 · Carmel, IN area | IN | +6.5% | +55.0% | +236% | 93% |
| 461 · Greenwood, IN area | IN | +3.2% | +45.8% | +213% | 88% |
Boom, bust, and recovery in Indianapolis-Carmel-Greenwood, IN area
Indianapolis-Carmel-Greenwood, IN area's index peaked in Q1 2008, fell 7.3% to its low in Q2 2011, and regained its peak in Q1 2015, about 7 years after the top. Today it sits +118% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q1 2008 | Q2 2011 | -7.3% | Q1 2015 (7 yrs) | +118% |
| IN | Q1 2008 | Q2 2011 | -7.3% | Q3 2015 (7.5 yrs) | +110% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Indianapolis-Carmel-Greenwood, IN area's index has changed +44.4% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | IN after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -0.4% | +0.7% | -0.8% |
| 3 years | +9.8% | +2.7% | +5.8% | +2.8% |
| 5 years | +24.0% | +15.9% | +18.3% | +13.9% |
| 10 years | +39.1% | +48.6% | +46.4% | +39.0% |
| Since Q1 1995 | +121% | +44.4% | +44.5% | +76.8% |
If you bought in the Indianapolis-Carmel-Greenwood, IN area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +214% | $942,895 |
| Q2 2000 | +162% | $785,540 |
| Q2 2005 | +123% | $669,013 |
| Q2 2010 | +130% | $689,806 |
| Q2 2015 | +114% | $642,647 |
| Q2 2020 | +62.9% | $488,850 |
| Q2 2021 | +43.8% | $431,323 |
| Q2 2023 | +12.7% | $338,224 |
| Q2 2025 | +3.5% | $310,432 |
Frequently asked questions
- How much have home prices risen in the Indianapolis-Carmel-Greenwood, IN area?
- FHFA HPI® data for the Indianapolis-Carmel-Greenwood, IN metro area shows changes of +3.5% over one year, +43.8% over five years, and +107% over ten years to Q2 2026, and +220% since Q1 1995.
- Is the Indianapolis-Carmel-Greenwood, IN area beating the national average?
- Over the past year the metro's index moved +0.5 pts versus the U.S.; over five years the gap is +2.5 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.