To rent or to buy? Here's how much homes cost in Indianapolis and surrounding counties

Housing market prices continue to rise through 2024. According to the National Association of Realtors, the median sale price of a home in December of 2023 was 4.4% higher than in December 2022.

According to USA Today, Daryl Fairweather, chief economist at Redfin, recently said the current housing market is "the least affordable housing market in recent memory."

While some may love the idea of homeownership, the current housing market has made renting look more attractive. A 2023 analysis by Realtor.com found renting was cheaper than buying in a majority of large metropolitan areas in the U.S.

So how much does the average home cost in Indiana? Is it better to rent or buy? Here are the median costs of homes in the Indianapolis metro area and other surrounding counties.

How much does it cost to live in the Indianapolis area?

The median costs are broken down by county and are based on third-quarter data from 2023.

What is the average cost of a home in Boone County?

According to USA Today, the median cost of a house in Boone County is $380,120.

What is the average cost of a house in Brown County?

The median price for a home in Brown County is $240,930, according to USA Today.

How much does the average home cost in Hamilton County?

The median price of a house in Hamilton County is $410,820.

What is the average cost of a house in Hancock County?

The median price of a home in Hancock County is $289,940.

What is the average cost of a home in Hendricks County?

The median price of a house in Hendricks County is $303,490.

How much does the average home cost in Johnson County?

The median price of a home in Johnson County is $298,830.

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What is the average cost of a house in Marion County?

The median price of a house in Marion County is $229,490.

What is the average cost of a home in Morgan County?

The median price of a house in Morgan County is $242,300.

How much does the average house cost in Putnam County?

The median price of a home in Putnam County is $185,880.

What is the average cost of a home in Shelby County?

The median price of a house in Shelby County is $179,950.

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What are the most expensive housing markets in the U.S.?

The following counties have the highest median home values:

• 1. Santa Clara County, CA: $1,583,130
• 2. San Mateo County, CA: $1,573,470
• 3. Marin County, CA: $1,454,450
• 4. San Francisco County, CA: $1,332,660
• 5. Nantucket County, MA: $1,313,450

What are the least expensive housing markets in the U.S.?

The following counties have the lowest median home values:

• 1. Todd County, SD: $42,940
• 2. Cochran County, TX: $50,140
• 3. McDowell County, WV: $50,960
• 4. Cottle County, TX: $53,690
• 5. Stonewall County, TX: $57,140