If you’ve been to the east side of Greenwood lately, you’ve likely noticed the construction boom, with new homes being built in at least three neighborhoods.
Home construction is on the rise in Greenwood and is expected to remain strong for several years as the east side of the city continues to grow.
Through October, 271 single family building permits were issued in Greenwood. At the same point last year, 226 permits had been granted, for an increase of nearly 20 percent so far this year. Much of the construction is on the east side of the city, which has several subdivisions with empty lots remaining, Greenwood Planning Director Bill Peeples said.
[sc:text-divider text-divider-title=”Story continues below gallery” ]
Click here to purchase photos from this galleryNew home building permits are up overall in Johnson County. Greenwood accounted for most of the increase, but permits were also up in Bargersville, according to the Builders Association of Greater Indianapolis. Permits were down in unincorporated Johnson County, but Johnson County Planning Director David Hittle said the county is gearing up for a heavy spring with several new subdivisions opening.
Low interest rates, a healthy job market and millennials beginning to buy homes are some of the factors developers said are responsible for the increased demand for houses.
Peeples said much of the new construction is located in three subdivisions: The Preserve South Lake on Worthsville Road west of Interstate 65, Briarstone on Worthsville Road between U.S. 31 and I-65, and Homecoming at University Park on Main Street east of I-65.
“There is a significant amount of room in those developments,” Peeples said. “There are quite a few proposed lots.”
He expects about 250 to 300 homes to be built each year over the next several years.
Randy Truitt, the president of Main Street Management, which is developing the Homecoming at University Park subdivision, attributes increases in home construction to a healthy job market and low mortgage interest rates.
Those conditions make home buying possible, especially for first-time buyers, he said.
“I think we will continue to see that growth in this area because of these conditions,” Truitt said.
Steve Hatchel, vice president of sales and marketing at Arbor Homes, which is developing the Briarstone subdivision, said he has seen a 10 percent increase in permits both in Johnson County and across Indiana.
“We expect to see the trend continue to 2018-2019 before a slowdown,” Hatchel said.
Low interest rates have helped bring new buyers to the market who might otherwise have not been able to afford a home or have been sitting on the sidelines during the economic downturn, he said.
Millennials have also begun buying homes, Hatchel said.
About 140 lots remain in Briarstone, all of which are expected to sell within the next two-and-a-half years, Hatchel said.
Once the subdivisions on the east side of the city fill up, Peeples said home construction will likely shift to the west side, in the Center Grove area, which has been a popular area in past years.
[sc:pullout-title pullout-title=”By the numbers” ][sc:pullout-text-begin]
Permits for single family buildings have increased in some local communities from last year. Here is how permits issued through October compare to the same time period last year.
Location;2015;2016
Johnson County;491;532
Greenwood;226;271
Bargersville;69;85
Franklin;58;58
Unincorporated Johnson County;116;102
SOURCE: Builders Association of Greater Indianapolis
[sc:pullout-text-end]
