Center Grove isn’t the only area where bigger and better homes are sprouting up.
Homebuyers across the county want more space and a bigger yard, and they’re willing to pay more for it.
Last year, the average value of a new home increased in Greenwood, Franklin, Bargersville, Whiteland and most of the unincorporated parts of the county, according to building permits issued.
The increases reflect a trend over the past several years, but planning officials expect to see those values move up and down in the next few years as construction begins in subdivisions marketed to first-time homebuyers.
Builders targeted families wanting to move into a larger home last year. The homes are usually larger with more yard space and a bigger price tag.
More construction of those homes increased the values for most areas in the county, planning officials said.
Some homebuyers were able to snag more land by building in less developed areas, such as Clark and Pleasant townships and Whiteland. Others just wanted larger kitchens and more bedrooms and found those in developments in Greenwood and Center Grove, planners said.
The average home price in Center Grove last year was more than $300,000.
Center Grove homes jumped in value by about $30,000 last year. Though buyers aren’t getting larger lots, the trend in the area is for larger, more expensive homes in new subdivisions, said Bill Peeples, county planning director.
The biggest jump was in Whiteland. Construction of nine homes resulted in the average price rising nearly $70,000 from the year before.
Much of the increase came from a lack of options for builders. Few lots were left in subdivisions, and nearly all were for larger homes, meaning buyers spent more money. The lowest amount a buyer planned to spend on a new home was $200,000, said Dennis Capozzi, Whiteland town manager.
Part of the increase in home value in Greenwood, which jumped up about $30,000 from 2004, came from homes in one large subdivision. More than 200 of the city’s 769 permits last year were for homes in Homecoming at University Park, a 985-home subdivision located south of Main Street between Precedent South Business Center and Griffith and Allen roads.
The average value of homes in the eastside community was $182,000, with a range from $101,000 to $1.4 million.
Another contributing factor was a large number of move-up subdivisions under construction, where homes cost more than starter homes, said Ed Ferguson, Greenwood planning director.
But first-time homebuyers still have options, planners said.
Homebuyers are looking into existing homes, which are abundant in Greenwood, Ferguson said.
Subdivisions aimed toward first-time buyers are concentrated in the cities and towns, Peeples said.
Four subdivisions in Greenwood averaged less than $125,000. Average home prices in Franklin subdivisions range from $77,000 at Deer Run, located west of U.S. 31 and Main Street, to $273,000 at Heritage Trails, located between Hurricane Creek and Needham and Webb elementary schools.
In Bargersville, homes in two subdivisions averaged less than $110,000.
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Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR
