New homeowners in Indianapolis are flocking to historic neighborhoods. According to the Metropolitan Indianapolis Board of Realtors, some of the city's oldest, historically run-down areas became a hotbed for real estate this year. Neighborhoods like Fountain Square, which was once known for having the largest shopping center outside downtown, have storied pasts that are gaining new appreciation in today's market.
Thanks to budding businesses like local brewery FLAT 12 Bierwerks and restaurant Smoking Goose Meatery in Holy Cross, these neighborhoods are more attractive to younger buyers. Before, homes used to sit on the market without a hope. Now, they're selling in a matter of weeks.
Before, homes used to sit on the market without a hope. Now, they're selling in a matter of weeks.
In fact, MIBOR data shows that home sales in Marion County increased 21 percent from 2014, with 5.5 percent higher prices. Despite that increase, mortgages in the area are still more affordable than rent, encouraging millennials to buy homes in historic neighborhoods.
A burgeoning interest in renewing old or run-down properties is certainly helping these homes fly off the market. In an interview with Wish TV, Daniel Tolliver, the owner of D.A.T Painting and Wall Coverings, said his phone was "ringing off the hook" for work on homes in these areas. Tolliver's business and others like it provide services to revive these older houses.
"Every time I turn around another house is being built, or another house is being remodeled or another house is being painted," he said.
According to Wish TV, these homes have a sort of domino effect when it comes to bringing these neighborhoods back to public interest. When one home gets an update, others soon follow. So while Holy Cross had a particularly meteoric rise this year, other neighborhoods like Herron Morton, Bates Hendricks, and Fletcher Place are heating up as well.
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