Overview of the Commercial and Residential
Real Estate Market in Indiana
The state of Indiana earns its motto of the "Cross Roads of America" by having more miles of freeway and more places where major highways intersect than any state in America. On May 30, 1911, the Indianapolis Motor Speedway was the site of the first long-distance race in the country. Today, Indianapolis is considered the racing capital of the world and the Indianapolis 500 is called the greatest spectacle in sports. Fort Wayne hosted the first ever professional baseball game on May 4, 1871. The Hoosier State is home to 6,570,902 people and has a median home value of $123,400. The median household income is $48,374 and the homeownership rate is 70.6 percent. Indianapolis is the largest city and has a population of 843,393, according to the U.S. Census. Its median home value is $119,900 and 31.6 percent of its residents live in multi-unit structures. Fort Wayne has 256,496 people and a median home value of $100,200.
Both the residential and the commercial real estate markets of Indiana have been slower to improve than in many other parts of the country, although Indiana School of Business economists expect 2015 to be a stronger year. In their annual report, they saidy the gross domestic product grew at a 2.8 percent annual rate for the previous five quarters. They went on to say that Indiana should add about 55,000 new jobs by the end of 2015 and expect unemployment to drop to 5.25 percent. A large percentage of Indiana's $275.7 billion gross state product comes from manufacturing. The state maintains a highly skilled workforce that has helped it weather the difficult economic times faced by most states that rely heavily on manufacturing. In 2011, CEO magazine ranked Indiana sixth in the country for the best placed to do business.
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How to Become a Realtor in Indiana
Indiana's legislature recently enacted sweeping changes to help improve the process of becoming a real estate agent in the state. The Indiana Real Estate Commission requires applicants be 18 years of age or older and be a high school graduate. They must complete 90 hours of real estate pre-licensing classes and pass the state exam. To protect the public, the commission will not approve the real estate license application of persons with a conviction for any crime that indicates they may endanger the public. Applicants must pass the state exam within one year of the date on their course completion certificate. They must also apply for a real estate license within a year of passing the two parts of the exam. While Indiana no longer has reciprocal agreements with other states, agents from other states may still qualify if the state of their home state has requirements for licensure that are highly similar to the requirements of Indiana.