Cap Rate Signals — bulldozer mark

Cap Rate Signals

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Indianapolis, IN.

NOW6.99pre-wave

Eli Lilly's $13B LEAP campus in Boone County is hiring now, ramping toward 2,000+ jobs through 2027 — past announcement, into actual worker arrivals.”

Why This Market Fits

Indianapolis is one of the highest-conviction repricing opportunities we cover right now. Lilly's $13B+ LEAP campus is hiring up to 2,000 pharma manufacturing workers Indianapolis cannot supply locally — that workforce mismatch is the engine, and pharma is the most durable catalyst we track (high-wage, decade-plus, real labor, not square footage). With IU Health and Roche layered on, that's 2,650+ permanent jobs plus an 864-bed hospital landing 2026–2030 against single-family prices still 18% below the national median.

Cap Rate Signals tracks confirmed corporate investment about to move workers into a metro before real estate pricing has adjusted. Indianapolis is into active hiring — our model says buy NOW.

─── This is where it gets useful. ───

Below: 3 catalyst writeups, 4 submarket picks with specific streets, 5 active listings that fit the thesis, and full source chronology.

This is the part subscribers come for. It's where you go from Indianapolis looks interesting to “buy these blocks, not those.”

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The Numbers

Median Home Price
$290K (single-family median)
Price vs National
−18% (vs $420K national)
Pricing Trend (12 mo)
+4.2% (single-family, 12-month change)
Rent-to-Income
21% ($1,400 rent / $80K median income)
Days on Market
32 days (vs ~45 day national norm)
Inventory (months)
3.2 (tight — buyer's pressure rising)
Distressed Sales
3.8% (of sales, below ~4.5% national)
Population
2.1M (metro-area population)
Population Growth
+1.2% (5-year CAGR)
Employment Diversity
Diverse (top 5 sectors ≈ 41% of jobs)
Regulation
Moderately landlord-friendly

2-plex Price
$320K–$380K (2-plex entry, mid-2026 estimate)

Verify · Single-family metrics, hand-populated first-pass. Multi-plex rows render only when sourced for this metro.