Lockerbie Square

Indianapolis, IN

Neighborhood Market Analysis

Q3 2025 Report
$440,000 (12-month median as of June 2025)
Median Home Price
High (Walk Score: 88–92)
Walkability Score
Public schools are average to above average; private/charter options are highly rated and popular with residents.
School Rating

Location Overview

Neighborhood Boundaries

Generally bounded by Michigan St (north), East St (west), New York St (south), and College Ave (east).

Zip Codes

46202

Market Data Summary

Price RangeRecent listings range from $349,400 (2BR condo) to $600,000+ for restored historic homes
Price per Sq FtTypically $300–$375/sq ft for historic properties and condos
Inventory LevelsLow inventory (13 homes for sale in June 2025, down 18.8% MoM).

Property Characteristics

Home Types & Architecture

Home Types

Historic single-family homesTownhomesCondominiums (notably Lockerbie Glove, Real Silk Lofts)

Architectural Styles

ItalianateFederalQueen AnneVictorianGreek Revival

Property Details

Typical Lot SizesSmall urban lots, often under 0.15 acres; condos have no private yard.
Home Age RangeMid-1800s to early 1900s for historic homes; 1980s–2000s for converted lofts/condos.
Construction QualityHigh for preserved/restored homes; many properties are protected by historic district guidelines ensuring quality and authenticity.

Community Profile

Demographics & Lifestyle

Demographics

Diverse mix of young professionals, established homeowners, and some retirees. Higher education and income levels than city average.

Community Vibe

Historic, walkable, close-knit, and culturally rich. Residents value preservation and neighborhood identity.

Typical Residents

  • Young professionals
  • Empty nesters
  • Urban retirees
  • History enthusiasts

Family Friendly

Moderately family-friendly; more popular with singles, couples, and empty nesters due to urban setting and limited private yard space.

Amenities & Lifestyle

Parks & Recreation

  • Lockerbie Square Park
  • Proximity to Cultural Trail
  • Nearby Mass Ave cultural district

Dining Options

  • Bluebeard
  • Vida
  • The Rathskeller
  • Numerous Mass Ave restaurants

Shopping Centers

  • Small boutiques on Mass Ave
  • Nearby grocery options (Needler’s Fresh Market, Whole Foods)

Local Businesses

  • Indie coffee shops
  • Boutique fitness studios
  • Art galleries

Education & Schools

Public schools are average to above average; private/charter options are highly rated and popular with residents.
Overall School Rating

Elementary Schools

  • IPS 2 Center for Inquiry

Middle Schools

  • IPS 2 Center for Inquiry (K-8)

High Schools

  • Arsenal Technical High School

Private Schools

  • Cathedral High School (nearby)
  • Herron High School (charter, nearby)

Transportation & Accessibility

Transit & Roads

Public Transit

  • IndyGo Red Line (rapid bus)
  • Multiple local bus routes

Major Roads

  • East St
  • Michigan St
  • College Ave
  • New York St

Commute & Walkability

Commute Times5–10 minutes to downtown core; 20–30 minutes to major employers in metro area.
WalkabilityExcellent; most errands can be accomplished on foot.
ParkingStreet parking is limited; some homes/condos have dedicated spaces. Permit parking common.

Marketing Intelligence

Target Buyer Types

  • History buffs
  • Downtown professionals
  • Empty nesters
  • Investors (short- and mid-term rentals)

Key Selling Points

  • Oldest intact neighborhood in Indianapolis
  • Walkable to downtown and Mass Ave
  • Unique historic architecture
  • Active, engaged community

Pricing Considerations

Price competitively given slower market and longer DOM; expect negotiation below list price.

Common Objections & Response Strategies

Objection: Homes are expensive compared to other city neighborhoods.

Response Strategy:

Emphasize historic value, walkability, and long-term appreciation potential.

Objection: Limited yard space and parking.

Response Strategy:

Highlight proximity to parks, walkability, and available permit/dedicated parking options.

Objection: Older homes may require more maintenance.

Response Strategy:

Point to recent renovations, historic district oversight, and quality of preserved/restored properties.

Objection: Longer days on market signal weak demand.

Response Strategy:

Frame as buyer opportunity for negotiation and value in a unique, stable neighborhood.

Investment Insights

Investment Potential

Appreciation Potential

Moderate; historic cachet supports long-term value, but current market is slower with prices down 6% YoY.

Rental Demand

Strong for high-end condos and historic homes; popular with professionals seeking urban living.

Buyer Competition

Low as of mid-2025; homes selling below asking and sitting longer on market.

Best For

  • Buyers seeking historic charm
  • Urban professionals
  • Investors targeting luxury rentals

Potential Concerns

  • Slower resale due to longer days on market
  • Limited inventory
  • Strict historic preservation rules may limit renovations

Professional Recommendations

1

Educate buyers on historic district rules and renovation limits.

2

Leverage professional photography and staging to highlight period features.

3

Network with local preservation groups and neighborhood association for off-market opportunities.

4

Price listings realistically and prepare sellers for negotiation below list.

5

Promote walkability, community events, and proximity to Mass Ave in all marketing.

Competitive Analysis

Comparable Markets

  • Chatham Arch
  • Old Northside
  • Herron-Morton Place

Market Positioning

Premium historic district for buyers valuing authenticity and urban lifestyle.

Competitive Advantages

  • Richest historic character
  • Best walkability to Mass Ave and downtown
  • Tight-knit community

Price Comparison

Slightly higher per sq ft than Chatham Arch and Old Northside; on par with Herron-Morton Place for historic homes.

Investment Metrics

3.5–4.5% for luxury rentals (condos/townhomes)
Cap Rates
4–5% gross yields typical for high-end units
Rental Yields
18–22, reflecting premium urban location
Price-to-Rent
Modest; best for appreciation and stable occupancy rather than high cash flow
Cash Flow
Stable to modest growth over next 3–5 years, supported by historic status and location
Appreciation

Buyer Journey Insights

First-Time Buyers

May be priced out unless seeking smaller condos; benefit from walkability and urban amenities.

Move-Up Buyers

Attracted by unique homes and downtown lifestyle; may face limited inventory.

Downsizers

Popular for empty nesters seeking low-maintenance, walkable living with historic charm.

Investors

Target luxury rentals and short-term furnished units; stable demand but moderate returns.

Relocators

Appealing for those seeking urban living with character and proximity to downtown employers.

This neighborhood analysis was generated using hyperlocal data and AI intelligence.

Neighborhood conditions change - consult with local real estate professionals for the most current information.

Related Market Intelligence

Explore connected markets and opportunities