The city of Indianapolis is only a week away from hosting Super Bowl XLVI. As the New England Patriots and New York Giants move in, many in the city are hoping visitors will like what they see and help boost the struggling housing market by taking up residence.
Indianapolis has a number of sporting attractions, including Indianapolis Motor Speedway, NCAA headquarters and Hall of Champions, the Indiana Pacers, Indianapolis Colts, and others. Many of those attractions are prominently on display in downtown Indianapolis for the Super Bowl, and the city as a whole will get exposure that could boost the housing market in the future.
Like many metropolitan areas in the United States, the Indy housing market has struggled since 2006. It is a buyer’s market with sales up from previous years (21,723 in 2011) but down 8.6 percent from 2009 (23,770). In 2011, homes sold for 87.3 percent of the list price, and the average home stayed on the market for 9 to 12 months, as many sellers have been reluctant to “give away” their homes to buyers looking for competitive deals.
Like many cities, unemployment at 9 percent and rampant foreclosures continue to plague Indianapolis. The Super Bowl may help the city alleviate some of that burden as well, as the city adds more jobs and receives an economic boost from the big game. Ultimately, however, experts say it will still take time, and there is no magic cure, no matter how exciting the game turns out to be.