Emerging Markets Near Indy

An emerging market area in real estate refers to a location that is experiencing rapid economic growth, urbanization, and demographic shifts. These areas are often characterized by a growing population, rising incomes, and increased demand for residential housing, commercial, and industrial spaces. The benefit of buying in an emerging market is there is potential for faster-than-average home appreciation. It is also less likely to be as competitive a real estate market as a more mature market, such as Carmel. For potential buyers or investors looking to enter an emerging market area, it is important to conduct thorough research and due diligence.

This includes examining economic and demographic trends, analyzing local real estate market conditions, understanding regulatory frameworks, and assessing potential risks and challenges. It is also advisable to work with a real estate professional who has in-depth knowledge of the market and can provide guidance and support throughout the buying, selling, or investing process. In this blog post, we’ll be looking at three emerging markets right here in central Indiana!

The first emerging market we’ll explore: Lebanon! Lebanon’s city council has been putting in some serious work on getting new developments in their area. Just last year they voted 6-1 to approve the LEAP project, a two billion dollar investment that will develop around 6,000 acres of land for Eli Lilly’s new facilities there. In addition to all the jobs this development will either create or move to the area, Lebanon also expects the Lilly facilities to attract additional development from suppliers and other tech-driven firms to the area. This cozy Indiana farm town is suddenly being developed to the tune of over two billion dollars, bringing in an influx of people who want to live nearby.

These are people who are financially sound enough to move for job opportunities, most of which are in the relatively high-paying tech industry, and many of whom will be coming from cities such as Indianapolis. Lebanon also boasts a school system that plenty of parents would be proud to enroll their children in, making it an ideal community for many families looking to maintain their tech careers in a more rural environment. This is the perfect storm for homeowners and landowners in Lebanon to cash in on all the development by watching their property values soar as new wealth and jobs move into the area at an accelerated pace.

The next emerging market we’ll be looking at is Cicero. The city of Cicero has been hard at work to revitalize its downtown area in recent years. In 2016 the city commissioned a research and recommendations report on how to improve the area, and have been hard at work following up on those recommendations ever since by improving street safety, making their downtown walking area more appealing, and bringing in more retail options to the area. Looking back even further, the Morse Waterways Association was founded in 2005 to care for the Morse Reservoir and serve the homeowners who began moving to permanent residences along the reservoir. Until the 1970s, the area around the reservoir was fairly vacant until vacation cottages started going up near the water for midwesterners looking for a close getaway destination.

By 2020, after just 15 years of the Morse Waterways Association being founded, roughly 90% of the shoreline consisted of permanent residence homes. At the time this blog post was written (3/3/2023), there were 28 active listings in Cicero just on the reservoir. Near the reservoir is a 112-acre plot that’s become a 250-home development known as the Tamarack community. These homes are all new builds, energy efficient, and single-family. Cicero also boasts one of the better public school systems in the state, making it a very attractive area for families.

The last emerging market we’ll look at: Fortville/McCordsville. In 2018 Fortville began a 9 million dollar investment project in their downtown area. This project accomplished three things: beautified Main Street, improved lighting and safety along Michigan Street, and created a paved walk-bike trail connecting downtown Fortville to Mt. Vernon Schools. Fortville’s Mount Vernon School district is already one of the preferred school systems in Indiana, but making them accessible by paved biking and walking roads is a parent’s dream. Fortville also includes a large development area that offers you the option to pick from a set list of potential housing designs, then have it built on the plot of land you buy. With plenty of developmental spill-off from Fishers pushing east, Fortville is a city ripe for more improvements, jobs, and people.

McCordsville is an excellent area with burgeoning cities like Fishers and Lawrence nearby, meaning that many people moving for work in those areas may be looking for a nearby town to settle down where it's a little quieter. McCordsville hasn’t just been waiting for development spillover though; the town is currently constructing McCord Square, a new Town Center with the first buildings open in early 2024. The 50 million dollar investment seeks to turn 48 acres into mixed-use land- bringing in retail, manufacturing, a neighborhood of single-family houses, and a 205-unit apartment complex in the new heart of McCordsville. An emerging market indeed!