Thinking about buying a home in Greenwood but not sure where to start? You are not alone. Recent market snapshots show a mix of quick sales and longer listings, with median prices ranging from about $300,000 to $345,000 depending on the source and date. That can feel confusing when you just want a clear plan. This guide walks you through each step, the local timelines, and what to watch in Johnson County so you can move with confidence. Let’s dive in.
Recent vendor snapshots show different numbers because they use different methods and time frames. For example, the Realtor.com Greenwood overview has reported a median list price around $345,000 with days on market near 69, while Redfin’s Greenwood market page has shown a median sale price near $300,000 and days on market often in the high 40s to 60s. Expect variation by neighborhood, price band, and condition. The key for you: be ready to act fast on well-priced homes and use your contingencies wisely.
Start with a full mortgage pre-approval, not just a pre-qualification. A pre-approval verifies your income, assets, and credit, which strengthens your offer and speeds up underwriting later. The CFPB’s closing resources explain the documents you will see during closing and why early accuracy matters.
Have funds ready for earnest money, down payment, inspections, and closing costs. A simple rule of thumb for closing costs is 2% to 5% of the purchase price, depending on loan type and title fees. Your lender will give you a Loan Estimate early in the process.
Work with an agent who knows Greenwood and south Indianapolis ZIP codes 46143 and 46142. Micro-markets can move at different speeds, and pricing can shift street by street. When a home fits your criteria, schedule a showing quickly and be ready to write if it checks the boxes.
Make a short list of must-haves and nice-to-haves. Also decide in advance how comfortable you are with shorter inspection windows or other competitive tactics so you can move decisively when the right home appears.
Your offer will include price, timing, and contingencies. Common contingencies here include financing, appraisal, and inspection. Shorter inspection windows, such as 5 to 7 days, can help in faster segments of the market. Learn the tradeoffs in this overview of common contingencies and how they work.
Plan for earnest money. A typical starting range in Indiana is 1% to 2% of the purchase price, sometimes higher in competitive cases. It is held in escrow and usually credited to you at closing. See this overview of earnest money norms and refund rules.
You may also see escalation clauses, appraisal gap language, or seller-paid credits. These are common tools. Your agent will use local comps and current days-on-market data to tailor a strategy for your target price range.
Schedule your general home inspection right away. In central Indiana, buyers commonly add specialty checks like radon testing, termite or wood-destroying insect inspections, sewer scope, and well or septic testing when applicable. Many area inspectors offer bundled services; review a representative menu of inspection and testing options to plan your scope.
Radon matters statewide. Indiana has areas with elevated radon potential, and the EPA recommends testing every home because levels vary by property. If results are high, you can negotiate a credit or mitigation before closing.
Indiana also requires a seller’s Residential Real Estate Sales Disclosure form (State Form 46234) for most 1–4 unit residential sales. Sellers must disclose based on their actual knowledge, including items such as foundation, mechanical systems, water and sewer, and certain hazards. Review the statute for detail in Indiana Code 32-21-5-10. Use inspections to independently verify, since the disclosure is not a test.
If you are financing, your lender will order an appraisal to confirm value. Timeline depends on appraiser availability, often 7 to 21 days. If the appraised value comes in below your contract price, you and the seller will renegotiate or you will need to cover the gap. Your financing and appraisal timelines should match your proposed closing date.
The title company will complete a title search, issue a commitment, and coordinate closing. If the property is in an HOA, request the resale packet quickly so you have time to review fees, rules, and transfer charges.
Under federal TRID rules, lenders must deliver your Closing Disclosure at least three business days before closing. Learn what to expect from the CFPB’s guide to the Closing Disclosure.
Most financed purchases in today’s market close in roughly 30 to 45 days from contract acceptance, depending on lender volume and appraisal timing. Cash purchases can close faster if title and HOA items are ready. Do a final walkthrough within 24 to 48 hours of closing to confirm agreed repairs and property condition.
Beyond your down payment, plan for closing costs of about 2% to 5% of the purchase price. These include lender fees, title charges, recording fees, and tax or HOA prorations. Compare your initial Loan Estimate to the Closing Disclosure to confirm the final numbers.
Greenwood is not a single-speed market. Well-prepared, well-priced homes can still move quickly, while others take longer. That means you should be ready to act fast on strong listings and use inspection and appraisal contingencies strategically.
Consider these tactics:
Before you offer:
When you write the offer:
During escrow:
Buying in Greenwood can be smooth when you follow a clear plan and local best practices. If you want hands-on guidance from a broker who knows Greenwood street by street and can help you move decisively, connect with Kelly Mclaughlin to start your search.
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