Building Costs Per Square Foot in the State of Indiana – Single Family Homes

Last Updated on April 8, 2024 by admin

Newly-built 5 Bedroom House with 2 Bathrooms and 2 x attached garage,
gross floor area 2582 sqft – on 1109 Dora Dr Sellersburg, Indiana 47172
– Price $512,700

As of 2024, building costs in the state of Indiana are -3% below the national average. The charts below show a comparison of costs between luxury, semi-luxury, best, good, average and minimum standard single-family houses. Costs are also given for manufactured housing in five quality classes.

2024 Building Costs Per Square Foot for Single Family Homes in the State of Indiana, USA

• Class 1 – Luxury Homes – $378.43 to $589.83 per sqft
• Class 2 – Semi Luxury Homes – $230 to $358.46 per sqft
• Class 3 – Best Standard Homes – $148.75 to $229.61 per sqft
• Class 4 – Good Standard Homes – $108.50 to $169.18 per sqft
• Class 5 – Average Standard Homes – $88.09 to $137.15 per sqft
• Class 6 – Minimum Standard  Homes – $69.48 to $108.26 per sqft

Indiana Single Family Houses 2024 Building Costs

2024 Building Costs Per Square Foot for Manufactured Housing in the State of Indiana, USA

Manufactured housing is composed of one or more prefabricated modular units which are delivered to the site and assembled on a RC foundation or slab.

• Best Quality Housing – $136.17 to $156.06 per sqft
• Good Quality Housing – $114.55 to $137.69 per sqft
• Average Quality Housing – $92.55 to $119.91 per sqft
• Low Average Quality Housing – $78.26 to $104.48 per sqft
• Lowest Quality Housing – $67.14 to $92.42 per sqft

Indiana Manufactured Housing 2024 Building Costs

Residential Construction Market Analysis in the State of Indiana, USA

Building costs are 3% lower than the national average in the state of Indiana, and equivalent to the states of Iowa, Missouri, Montana, Oregon and Utah. There is nothing better than having the opportunity to build your own house or lead your own real estate project. It is like building a child, and once it is finished you will see the results of so much work and how it was worth all the effort.

However, although it is a rewarding experience, it is also stressful and can carry a great deal of risk. One way to reduce these risks is knowing and entering the real estate market in which you plan to embark, only in this way will you be able to know what you are facing.

That is why we bring you this article where we will focus on the state of Indiana, one that is usually slept on but you should not make that mistake. Here we will show you more about the residential market in the state, how much a house costs, the outlook, and much more so that you can form an idea about the situation that awaits you.

Indiana Construction Outlook

It could be said that Indiana is the definition of a small town, often thought of as a traditional and boring place. In fact, it’s not surprising that most TV shows or movies set in “boring” towns are actually filmed in Indiana, or the characters themselves live in Indiana (such as Stranger things, Parks and Recreation, etc.).

However, do not let this conception blind you. Indiana is a beautiful place to live, and especially to build a forever home. It’s a perfect place to build a family home from scratch, even if that family is just you and your pet. Indiana is a quiet and affordable place (with some of the lowest taxes compared to other states), which allows you to save money and use it for the construction of the house. This will be perfect if you are looking for a more modern home.

The constructions here are usually made with bricks, and in some cases, they are exposed for that reason you can see different red brick buildings throughout the city. Its capital and the most populous city is Indianapolis, and without a doubt, it is highly recommended to build there; It has a good school district, you have all the comforts and advantages of a big city but with the peace of mind that it is a smaller place and you will be able to actually meet and get to know your neighbors!

Indiana Housing Market Analysis

The real estate market in Indiana presents positive numbers, both for investors and for people who want to buy their first property in the state and use it for their own use. Residential property values ​​increased by 6% in the last half-year, and expect to see even more positive numbers in the future. This increase in value may not seem like much, but keep in mind that Indiana is a relatively small state that is not used to boosting when it comes to real estate.

In addition, even though it may not seem so big, that number is double what had been estimated for the previous semester, and it is even expected that this number will triple throughout this year. The number of homes for sale has also increased, which means there is more land available for builders or developers to invest in and transform Indiana into a residential hub.

Single-family home values ​​are expected to increase by 24%, especially in Indianapolis. This translates into an increase in sales, and currently, an average family home takes a maximum of 4 months to sell in Indiana, which is a positive statistic for a state in this region.

Indiana Average House Price (Median Home Price)

Indiana is one of the cheapest states to buy a home. It does not matter if you want to buy it already built, or if you want to buy a piece of land and build on it, it is very likely that you will find something that fits your budget.

In fact, the price for an average house in the smaller towns of Indiana is a maximum of $100,000 (you can find a few for as little as $50,000!), which makes it one of the cheapest nationwide. An already built luxury house, like an authentic mansion, can cost up to $350,000.

Building a house is also quite cheap. You can find good land from $10,000 to $50,000 and build your forever home from there. The most used materials are the typical houses with wooden planks, but you can make a good brick house without any problem. If you plan to build a house with large windows, make sure they are resistant since there are usually strong storms during the spring.

The maximum price of an apartment (with 2 bedrooms, a small study or office, a bathroom, and a simple kitchen) is $100,000 in Indianapolis, but you can find cheaper ones if you look ahead.

Indiana Residential Building Projects

Cressy and Everett is the best-known Real Estate agency in all of Indiana. They specialize in the construction and commercialization of residential homes, from some smaller ones such as 2 bedrooms to other mansions of 5 bedrooms with 3 bathrooms.

This is the most common type of project in Indiana, since it is not a place that has many buildings, it is more than anything a place of country-type homes and it is what we love most about that place! Undoubtedly, it knows how to maintain its essence and it is something that is expected to continue to happen since all construction companies or real estate companies carry out this type of project.

Under Construction, Newly-built 3 Bedroom House with 1 bathroom and 3 x
attached garage spaces , gross floor area 1564 sqft – on 54773 Winding River Dr, Middlebury, Indiana
46540 – Price $340,000

2020 Building Costs Per Square Foot for Single Family Homes in the State of Indiana, USA

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Indiana ranges from $334.54 per sqft to $512.84 per sqft, with the average being $394.81 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Indiana ranges from $203.32 per sqft to $311.66 per sqft, with the average being $239.94 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Indiana ranges from $131.44 per sqft to $199.64 per sqft, with the average being $153.88 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Indiana ranges from $95.92 per sqft to $147.10 per sqft, with the average being $113.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Indiana ranges from $77.86 per sqft to $119.24 per sqft, with the average being $91.81 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Indiana ranges from $61.41 per sqft to $94.13 per sqft, with the average being $72.44 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 14 Metropolitan Areas/Cities in Indiana – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 1571 municipalities grouped into 91 counties in the state of Indiana. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Indiana is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Indiana:

Indiana Average -3% (3% less than X)

• Jasper 475 -8%
• Kokomo 469 -8%
• Muncie 473 -8%
• Aurora 470 -5%
• Jeffersonville 471 -5%
• Lafayette 479 -5%
• Columbus 472 -4%
• Elkhart 465 -4%
• Bloomington 474 -2%
• South Bend 466 -2%
• Fort Wayne 467-468 -1%
• Evansville 476-477 4%
• Indianapolis 460-462 4%
• Gary 463-464 8%

The Metropolitan Area List above as well as the Bar Graphs below shows that Jasper, Kokomo and Muncie are the cheapest cities to build a private home in the state of Indiana, and Gary is the most expensive city to build a home. Building costs are -8% below the national average in the cities of Jasper, Kokomo and Muncie.  You will pay 8% above the national average to build a house in the city of Gary.

Cheapest Places To Build in Indiana:

Jasper, Kokomo and Muncie are the cheapest to place to build at -8% below the national average, followed by Aurora, Jeffersonville and Lafayette at -5%. The third cheapest places to build are Columbus and Elkhart at -4% below the national average. The fourth cheapest city to build a house is Bloomington and South Bend at -2% below the national average, followed by Fort Wayne at -1% below the national average. The sixth cheapest places to build a house are Evansville and Indianapolis at 4% above the US average. Building costs in the city of Savannah and Macon resemble the national average.

Expensive Places To Build in Indiana:

If anything between 5% and 10% is considered expensive, then there is one such metropolitan area in the state of Indiana. Home building costs in the city of Gary are 8% above the US average.

More Expensive Places To Build in Indiana:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in the state of Indiana.

Very Expensive Places To Build in Indiana

The most expensive places to build a house in the USA are those 15% above the national average. There are no such places in Indiana.

Indiana State Average Costs:

Private home building costs in the state of Indiana are -3% below the US average. Building cost rates in the metropolitan areas of Columbus and Elkhart are closer to the Indiana state average by a deviation of 1%. Gary is the most expensive city to build a home in Indiana, and the state of Indiana is number 17 on the national ascending costs scale.