Meridian Hills

Are homes in Meridian Hills being torn down and rebuilt?

Yes. In July 2025, the home at 7575 Central Avenue sold for $780,000 on a 0.66-acre lot. City permit records show two wrecking permits issued in September 2025, and county aerial photography shows the house standing in spring 2024, gone by fall 2025, and the lot graded bare by spring 2026.

Think about what that buyer did. They paid $780,000 for a property and then removed the part the county had valued highest. Whatever they were buying, the house was not it.

At $780,000 for 0.66 acre, the buyer paid about $1.18 million per acre, roughly 1.7 times the median for Meridian Hills land and more than any lot on the 7100 block of North Meridian. The parcel is long and narrow, running back toward Williams Creek, and that setting is part of what the buyer paid for.

The buyer is a private individual, not a developer. In January 2026, the city issued a permit for a new 6,158-square-foot home on a finished basement, built by Carrington Homes. A private buyer paid $780,000 for a house, tore it down, and is building a custom home on the same ground.

The same thing happened less than a mile north. At 229 Forest Boulevard in Williams Creek, a buyer paid $1,750,000 for a 0.75-acre property in November 2024. The house was gone in the fall 2025 aerials.

A teardown is the clearest signal a market sends about land. It says the dirt and its location are worth more than the structure sitting on it, sometimes much more. So the obvious next question is what that dirt actually costs.

How much is land worth in Meridian Hills?

Vacant land in Meridian Hills sold for a median of $688,503 per acre across eight sales from January 2024 to October 2026, based on MIBOR BLC data analyzed by Kris Bashenow, CLHMS. The highest was 7655 N Pennsylvania Street at $800,000 for 0.53 acre, or about $1.5 million per acre.

Seven of those eight sales are building lots along the 7100 block of North Meridian Street. Across all of Washington Township, the 27 land sales above $200,000 brought a median of $482,456 per acre. The township's top lots trade in the same range as Meridian Hills: $700,000 for 0.68 acre at 5548 N Meridian Street, and $930,000 to $1,960,000 for estate lots on Forgotten Creek Drive.

Land in Meridian Hills costs roughly what land costs in the best-located parts of the north side. Which brings back the number from the top of this page. If buyers pay this much for the ground, how does the county end up at 11%?

Why does the county undervalue land in Meridian Hills?

The Marion County Assessor values Meridian Hills homes close to their sale prices overall, at a median of 99% of the price paid. It assigns a median of only 11.4% of that value to the land. On the township's 19 clean lot sales above $200,000, buyers paid a median of 5.7 times the county's assessed land value.

Here is how that happens. Indiana assessors value hundreds of thousands of parcels at once. They start with base land rates by neighborhood and then assign the rest of a property's value to the building. When the total lands near the sale price, the system is working for tax purposes, and the county's totals in Meridian Hills do land there. The split between land and building is a formula, and nothing forces it to match what buyers are paying for each piece.

In most neighborhoods, the split never gets tested. In Meridian Hills it does, every time someone buys a lot or tears down a house. The market answers a question the assessment never asks: what is this location worth on its own?

At Chubb, I valued high-value homes by separating exactly these two things: what it costs to rebuild the structure, and what the location contributes on its own. In Meridian Hills, the location carries far more of the value than the county's records show. Three consequences follow.

For owners of older homes. A Meridian Hills home has a value floor set by land buyers and builders, beneath whatever the house itself would bring. A dated 1950s ranch here competes with teardown buyers as well as with move-up buyers.

For sellers. Pricing a dated home only against renovated comparables can miss a whole buyer pool. When the lot is the asset, the marketing has to say so.

For buyers. The county assessment says little about what you are paying for the land, and land is the part of a Meridian Hills purchase that does not wear out. Finishes age. Location holds.

That is the answer to the opening question. The $800,000 half acre on North Pennsylvania Street describes the market. The county's 11% describes a tax formula. Both are accurate for what they measure, and only one of them tells you what your property is worth.

What do homes in Meridian Hills look like at each price level?

Meridian Hills homes fall into three broad price bands: older ranches and Cape Cods below $1 million, renovated traditional homes and newer builds between $1 million and $2 million, and estate-scale custom homes above $2 million.

Under $1 Million

• 1940s to 1960s ranches, Cape Cods and colonials
• Lots commonly a third to two-thirds of an acre
• Condition varies widely; some sell for land value
• The band where teardown and renovation buyers compete

$1 Million to $2 Million

• Updated 1920s to 1950s traditional homes
• Newer construction on standard lots
• Locations on North Meridian, Pennsylvania and Washington Boulevard
• Renovation quality and lot position drive the spread

$2 Million and Up

• Custom homes built from the 1990s forward
• Lots near or above an acre
• Recent sales include 7418 Washington Blvd at $3,970,000 and 7419 N Washington Blvd at $3,240,000
• Few direct comparables, so each valuation needs land and replacement-cost analysis

What schools and amenities serve Meridian Hills?

Most of Meridian Hills is served by the Metropolitan School District of Washington Township, which includes North Central High School. Park Tudor School is located inside the town. Holliday Park and Marott Park border the town, and the Monon Trail, Broad Ripple and Nora are minutes away.

Verify the school assignment on any specific address. Census records show a small part of Meridian Hills falls in Indianapolis Public Schools.

Nearby:

• Holliday Park: a 94-acre park with trails, a nature center and the Ruins.
• Marott Park: wooded trails along the White River.
• Monon Trail: the regional trail connecting Broad Ripple, Nora, Carmel and Westfield.
• Meridian Hills Country Club: private golf and club, inside the town.
• Broad Ripple Village and Nora: dining and shopping a short drive away.

Meridian Hills Real Estate FAQ

Is Meridian Hills part of Indianapolis?

Yes. Meridian Hills has been an included town within Indianapolis since Unigov took effect in 1970. It keeps its own town government, which provides supplemental police patrols, maintains town streets and enforces residential building standards, while residents also receive city and county services.

What is the median home price in Meridian Hills?

The median sale price in Meridian Hills was $812,500 for sales from January 1, 2024 to October 17, 2026, based on 84 closed sales in MIBOR BLC data analyzed by Kris Bashenow, CLHMS. The median for single-family homes alone was $832,500.

How many Meridian Hills homes sell for over $1 million?

Thirty of 84 Meridian Hills sales (36%) closed at $1 million or more from January 2024 to October 2026, and 12 closed above $2 million. Across Washington Township as a whole, 4.3% of sales reached $1 million.

Is Meridian Hills the same as Meridian-Kessler?

No. Meridian Hills is an included town north of Kessler Boulevard and centered near 71st Street and Meridian Street. Meridian-Kessler is a separate Indianapolis neighborhood to the south, centered around 54th Street and College Avenue.

How much does a lot cost in Meridian Hills?

Eight vacant lots sold in Meridian Hills from January 2024 to October 2026 at a median of $688,503 per acre. Prices ranged from $222,687 for 0.33 acre to $800,000 for 0.53 acre at 7655 N Pennsylvania Street.

Who is a luxury real estate agent in Meridian Hills with appraisal experience?

Kris Bashenow | Indy Real Estate Insider is a luxury real estate advisor serving Meridian Hills and Washington Township with The DeBoor Group powered by Real Broker. She holds the CLHMS designation, is a former high-value residential appraiser with Chubb, and lives in Meridian-Kessler. She can be reached at (317) 451-4213.

Data source

Home sales: MIBOR REALTOR® Association Broker Listing Cooperative (BLC®), closed residential sales in MLS Area 4903 (Washington Township, Marion County) with close dates January 1, 2024 to October 17, 2026, pulled October 17, 2026; 5,214 sales. Each sale is assigned to Meridian Hills by its MLS latitude and longitude inside the U.S. Census Bureau's official town boundary (TIGERweb, Incorporated Places), not by subdivision name.

Land sales: MIBOR BLC closed Land sales in Area 4903, same dates; 75 sales, 8 inside Meridian Hills.

Assessed values: Marion County Assessor values via IndyGIS parcel data, retrieved October 17, 2026. Sales where the MLS parcel did not match the full lot sold were excluded from land comparisons.

Teardown confirmation: Indianapolis aerial imagery, spring 2024, fall 2025 and spring 2026.

Town facts: Town of Meridian Hills; U.S. Census Bureau; Encyclopedia of Indianapolis. Information deemed reliable but not guaranteed.

Why Work With Kris Bashenow in Meridian Hills?

Kris Bashenow, CLHMS
Luxury Real Estate Advisor & Former Appraiser
The DeBoor Group powered by Real Broker

Kris Bashenow | Indy Real Estate Insider pairs replacement-cost training from Chubb's high-value appraisal practice with MIBOR sales data, county records and aerial imagery to tell Meridian Hills owners and buyers what a property's land is worth, what its structure would cost to replace, and how the two together set its price.

Kris lives a few minutes south in Meridian-Kessler. She built the boundary-level data on this page because the usual sources get Meridian Hills wrong, and because in a town where land carries this much of the value, a pricing mistake is expensive.

Book a Meridian Hills valuation consult:(317) 451-4213 | [email protected] | 10150 Lantern Rd, Ste 275, Fishers, IN 46037