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As featured in the original realtor.com article:

Over the past few years, more millennials have been flocking to Indianapolis, attracted to the good jobs at companies like drug maker Eli Lilly and business software titan Salesforce. And they stay for the lifestyle and cheap real estate.

“What’s driving up the prices is the big influx of people moving in,” says Stacy Barry, a local real estate agent at Century 21 Scheetz. “Over the last few years we’ve started to explode.”

And unlike in many parts of the country, millennials are able to afford to become homeowners, with choices from townhomes near downtown, which is dotted with skyscrapers that are home to large publicly traded companies, to single-family homes in walkable suburbs like Carmel and Fishers. And all that demand is causing inventory to tighten. In fact, Indianapolis has seen the third-biggest drop in inventory among the largest markets in the country.

“I just represented a new builder who created a community of townhomes. They ran for about $300,000 to $350,000, and the entire community sold out in eight months,” Barry says.