Within the greater Indianapolis market is a submarket north west called Boone County.
Although with slow beginnings the area has become a quite and niche hot bed. Here are the economics behind its boom.
- Strengthened Demand for Senior Living
- Development boom to meet the predetermined supply/demand
- Decrease in residential public inventory and increase in private inventory
- Residential spur of price demand at 11.6%
- Residential final sales price of 10.2%+
Single family inventory has decreased almost 10%from last year while both closing and original asking prices are almost identical. This means that the average listing is going for exactly what they're asking for. This means that the Seller is in control. This gives a key indicator that the current market in Boone County is heading to a peak in their Boom.
What started this Boom in Boone?
The answer is multifamily señor living (2016):
- Stokes Common: (68 units)
1005 S. Meridian Street Lebanon, IN 46052
What the new development has contributed to is the development of Residential Homes to couple to senior population and the expansion of a Walmart in Zionsville.
The full combination with the Economic Impact creates a Boom in Boone County. How long will the Boom last?
Typically a healthy Boom consist of 10 consecutive years, with the average lasting 3-4.