ZIP Code Market Report
46227 — Indianapolis, IN
Data through February 2026 · Updated monthly
Avg Home Value
$225,160
▼ 0.4% year-over-year
Month-over-Month
-0.6%
▼ 0.6%
Single Family
$228,389
Condo / Co-op
$133,762
The average home value in the 46227 ZIP code (Indianapolis, Indiana) is $225,160 as of February 2026. Home prices are stable, down 0.4% compared to last year.
A 3-bedroom home in 46227 is valued at $230,407. 1-bedroom units start around $116,357. Single-family homes average $228,389, while condos average $133,762.
The market in 46227 has a $110,668 spread between bottom-tier homes at $164,969 and top-tier homes at $275,637. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 46227 ZIP code will increase 0.3% over the next 12 months, bringing the projected average to approximately $225,835. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Boone County market area in Indiana. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Boone County report.
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Market Snapshot
46227 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $227,599 | $226,441 | $225,160 | ▼ 1.1% |
| Single Family Value | $227,378 | $227,741 | $228,389 | ▲ 0.4% |
Home Values
46227 Home Value Trend
Historical home values for ZIP code 46227. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 46227
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $116,357 |
| 2 Bedrooms | $167,663 |
| 3 Bedrooms | $230,407 |
| 4 Bedrooms | $270,520 |
Property Types
Home Values by Property Type in 46227
How different property types compare in this ZIP code.
All Homes
$225,160
Single Family
$228,389
Condo / Co-op
$133,762
Bottom Tier
$164,969
Top Tier
$275,637
Forecast
12-Month Home Value Forecast for 46227
Zillow projects home values in 46227 will increase 0.3% over the next year, reaching approximately $225,835.
Current Value
$225,160
Projected Change
+0.3%
▲ 0.3%
Projected Value
$225,835
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 46227 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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