Indianapolis is the capital and most populous city of the U.S. state of Indiana and the seat of Marion County. It is in the East North Central region of the Midwestern United States. With an estimated population of 855,164 in 2016, Indianapolis is the third most populous city in the Midwest and 15th most populous in the U.S. The city is the economic and cultural center of the Indianapolis metropolitan area, with 2,004,230 residents, the 34th most populous metropolitan statistical area in the U.S. Its combined statistical area ranks 27th, with a population of 2,386,199. Indianapolis covers 368 square miles (950 km2), making it the 16th largest city by land area in the U.S.
Indigenous peoples inhabited the area dating to approximately 2000 BC. In 1818, the Delaware relinquished title to their tribal lands in the Treaty of St. Mary's. In 1821, Indianapolis was founded as a planned city for the new seat of Indiana's state government. The city was platted by Alexander Ralston and Elias Pym Fordham on a 1 square mile (2.6 km2) grid adjacent to the White River. Completion of the National Road and the advent of the railroad later solidified the city's position as a manufacturing and transportation hub.
Anchoring the 25th largest economic region in the U.S., the city's economy is based primarily on finance and insurance, manufacturing, professional and business services, education and health care, government, and wholesale trade. Indianapolis is within a single-day drive of 70 percent of the nation's population, lending to one of its nicknames as the "Crossroads of America". Indianapolis has developed niche markets in amateur sports and auto racing. The city is perhaps best known for annually hosting the world's largest single-day sporting event, the Indianapolis 500.
Indianapolis is home to two major sports clubs, the Indiana Pacers of the National Basketball Association and the Indianapolis Colts of the National Football League. The city's philanthropic community has been instrumental in the development of its cultural institutions and collections, including the world's largest children's museum, nation's largest privately funded zoo, historic buildings and sites, and public art. Indianapolis is headquarters for the American Legion and home to a significant collection of monuments dedicated to veterans and war dead, the most in the U.S. outside of Washington, D.C. Since the 1970 city-county consolidation, known as Unigov, local government administration operates under the direction of an elected 25-member city-county council headed by the mayor. Indianapolis is considered a "high sufficiency" world city.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Indianapolis-Carmel-Anderson, Indiana. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Indianapolis, Carmel, Anderson, Indiana, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Indiana, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|South Bend-Mishawaka, IN-MI||$125,400||3.00%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Indiana.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
|County||2016 Estimate||2010 Census||Change|
Combined Statistical Area
The larger Indianapolis–Carmel–Muncie Combined Statistical Area (CSA) includes the Columbus, IN Metropolitan Statistical Area, Crawfordsville, IN Micropolitan Statistical Area, Greensburg, IN Micropolitan Statistical Area, Indianapolis–Carmel–Anderson, IN Metropolitan Statistical Area, Muncie, IN Metropolitan Statistical Area, New Castle, IN Micropolitan Statistical Area, North Vernon, IN Micropolitan Statistical Area, and the Seymour, IN Micropolitan Statistical Area. The Indianapolis-Carmel-Muncie CSA had a population of 2,166,632 in 2014.
The U.S. Census Bureau considers Indianapolis as two entities: the consolidated city and the city's remainder, or balance. The consolidated city covers an area known as Unigov, coterminous with Marion County, except the independent municipalities of Beech Grove, Lawrence, Southport, and Speedway. The city's balance excludes the populations of ten semi-autonomous municipalities that are included in totals for the consolidated city. These are Clermont, Crows Nest, Homecroft, Meridian Hills, North Crows Nest, Rocky Ripple, Spring Hill, Warren Park, Williams Creek, and Wynnedale. An eleventh town, Cumberland, is partially included. The city's consolidated population for the year 2012 was 844,220. The city's remainder, or balance, population was estimated at 834,852 for 2012, a 2% increase over the total population of 820,445 reported in the 2010 U.S. Census. As of 2010, the city's population density was 2,270 people per square mile (880/km2). Indianapolis is the most populous city in Indiana, containing 12.8% of the state's total population.
|Black or African American||27.9%||27.5%||22.6%||18.0%|
|Hispanic or Latino (of any race)||9.6%||9.4%||1.1%||0.8%|
The Indianapolis metropolitan area, officially the Indianapolis–Carmel–Anderson metropolitan statistical area (MSA), consists of Marion County and the surrounding counties of Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Madison, Morgan, Putnam and Shelby. As of 2012, the metropolitan area's population was 1,798,634, the most populous in Indiana. Indianapolis anchors the larger Indianapolis–Carmel–Muncie combined statistical area (CSA), with a population of 2,336,237. Indianapolis is also situated within the Great Lakes Megalopolis, one of 11 megaregions in the U.S.
According to the U.S. Census of 2010, 97.2% of the Indianapolis population was reported as one race: 61.8% White, 27.5% Black or African American, 2.1% Asian (0.4% Burmese, 0.4% Indian, 0.3% Chinese, 0.3% Filipino, 0.1% Korean, 0.1% Vietnamese, 0.1% Japanese, 0.1% Thai, 0.1% other Asian); 0.3% American Indian, and 5.5% as other. The remaining 2.8% of the population was reported as multiracial (two or more races). The city's Hispanic or Latino community comprised 9.4% of the city's population in the 2010 U.S. Census: 6.9% Mexican, 0.4% Puerto Rican, 0.1% Cuban, and 2% as other.
As of 2010, the median age for Indianapolis was 33.7 years. Age distribution for the city's inhabitants was 25% under the age of 18; 4.4% were between 18 and 21; 16.3% were age 21 to 65; and 13.1% were age 65 or older. For every 100 females, there were 93 males. For every 100 females age 18 and over, there were 90 males.
The U.S. Census for 2010 reported 332,199 households in Indianapolis, with an average household size of 2.42 and an average family size of 3.08. Of the total households, 59.3% were family households, with 28.2% of these including the family's own children under the age of 18; 36.5% were husband-wife families; 17.2% had a female householder (with no husband present) and 5.6% had a male householder (with no wife present). The remaining 40.7% were non-family households. As of 2010, 32% of the non-family households included individuals living alone, 8.3% of these households included individuals age 65 years of age or older.
The U.S. Census Bureau's 2007–2011 American Community Survey indicated the median household income for Indianapolis city was $42,704, and the median family income was $53,161. Median income for males working full-time, year-round, was $42,101, compared to $34,788 for females. Per capita income for the city was $24,430, 14.7% of families and 18.9% of the city's total population living below the poverty line (28.3% were under the age of 18 and 9.2% were age 65 or older).
As of 2015, the Indianapolis metropolitan area had the 18th highest percentage of LGBT residents in the U.S., with 4.2% of residents identifying as gay, lesbian, bisexual, or transgender.
In 2015, the Indianapolis metropolitan area had a gross domestic product (GDP) of $134 billion. The top five industries were: finance, insurance, real estate, rental, and leasing ($30.7B), manufacturing ($30.1B), professional and business services ($14.3B), educational services, health care, and social assistance ($10.8B), and wholesale trade ($8.1B). Government, if it had been a private industry, would have ranked fifth, generating $10.2 billion.
Compared to Indiana as a whole, the Indianapolis metropolitan area has a lower proportion of manufacturing jobs and a higher concentration of jobs in wholesale trade; administrative, support, and waste management; professional, scientific, and technical services; and transportation and warehousing. The city's major exports include pharmaceuticals, motor vehicle parts, medical equipment and supplies, engine and power equipment, and aircraft products and parts. According to the Bureau of Labor Statistics, the region's unemployment rate was 2.8 percent in December 2017.
As of 2017, three Fortune 500 companies were based in the city: health insurance company Anthem Inc. (29); pharmaceutical company Eli Lilly (132); and Simon Property Group (477), the largest real estate investment trust in the U.S. Columbus, Indiana-based Cummins (159) opened its Global Distribution Headquarters in downtown Indianapolis in 2017. Three Fortune 1000 companies are located in the city: hydrocarbon manufacturer Calumet Specialty Products Partners (632); retailer Finish Line (968); and automotive transmission manufacturer Allison Transmission (984). Other notable companies based in the Indianapolis metropolitan area include: media conglomerate Emmis Communications; retailer Lids; financial services holding companies CNO Financial Group and OneAmerica; airline holding company Republic Airways; truckload carrier Celadon Group; and restaurant chains Noble Roman's, Scotty's Brewhouse, and Steak 'n Shake.
Like many Midwestern cities, recent deindustrialization trends have had a significant impact on the local economy. Once home to 60 automakers, Indianapolis rivaled Detroit as a center of automobile manufacturing in the early 20th century. Between 1990 and 2012, approximately 26,900 manufacturing jobs were lost in the city, including the automotive plant closures of Chrysler, Ford, and General Motors. In 2016, Carrier Corporation announced the closure of its Indianapolis plant, moving 1,400 manufacturing jobs to Mexico. Since 1915, Rolls-Royce Holdings has had operations in Indianapolis. It is the third largest manufacturing employer and thirteenth largest employer overall in the city, with a workforce of 4,300 in aircraft engine development and manufacturing.
Biotechnology, life sciences and health care are major sectors of Indianapolis's economy. As of 2016, Eli Lilly and Company was the largest private employer in the city, with more than 11,000 workers. The North American headquarters for Roche Diagnostics and Dow AgroSciences are also located in the city. A 2014 report by the Battelle Memorial Institute and Biotechnology Industry Organization indicated that the Indianapolis–Carmel–Anderson MSA was the only U.S. metropolitan area to have specialized employment concentrations in all five bioscience sectors evaluated in the study: agricultural feedstock and chemicals; bioscience-related distribution; drugs and pharmaceuticals; medical devices and equipment; and research, testing, and medical laboratories. The regional health care providers of Community Health Network, Eskenazi Health, Franciscan Health, Indiana University Health, and St. Vincent Health have a combined workforce of 43,700.
The city's central location and extensive highway and rail infrastructure have positioned Indianapolis as an important logistics center, home to 1,500 distribution firms employing some 100,000 workers. As home to the second largest FedEx Express hub in the world, Indianapolis International Airport ranks as the sixth busiest U.S. airport in terms of air cargo transport, handling over 1 million tons and employing 6,600 in 2015. Indianapolis is a hub for CSX Transportation, home to its division headquarters, an intermodal terminal, and classification yard (in the suburb of Avon). Amtrak's Beech Grove Shops, in the enclave of Beech Grove, serve as its primary heavy maintenance and overhaul facility, while the Indianapolis Distribution Center is the company's largest material and supply terminal.
The hospitality industry is an increasingly vital sector to the Indianapolis economy. According to Visit Indy, 28.6 million visitors generated $5.2 billion in 2016, the sixth straight year of record growth. Indianapolis has long been a sports tourism destination, but has more recently relied on conventions. The Indiana Convention Center (ICC) and Lucas Oil Stadium are considered mega convention center facilities, with a combined 750,000 square feet (70,000 m2) of exhibition space. ICC is connected to 12 hotels and 4,700 hotel rooms, the most of any U.S. convention center. In 2008, the facility hosted 42 national conventions with an attendance of 317,815; in 2014, it hosted 106 for an attendance of 635,701. Since 2003, Indianapolis has hosted Gen Con, one of the largest gaming conventions in North America.
According to real estate tracking firm CBRE Group, Indianapolis ranks among the fastest high-tech job growth areas in the U.S. The metropolitan area is home to 28,500 information technology-related jobs at such companies as Angie's List, Appirio, Formstack, Genesys, Ingram Micro, and Salesforce Marketing Cloud.
Major shopping malls in the city include Castleton Square, Circle Centre, The Fashion Mall at Keystone, Glendale Town Center, Lafayette Square, and Washington Square.