The most affordable way into Hamilton County on this site, at the far north end of it. Here is what changed in the last two years and what it means for a buyer.
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Sheridan has the lowest median of any Hamilton County town on this site: $324,900 year to date, down 3.1%, against $440,000 in Fishers and $650,000 in Carmel. 117 homes sold through August, ten fewer than last year, and they took a median of 22 days to go under contract.
The town itself changed shape recently. Sheridan merged with Adams Township on January 1, 2025, growing from about two square miles to about fifty. Voters approved it mainly to give the town zoning control over the surrounding farmland and to head off annexation by neighbors. It was projected to add about 8 cents per $100 of assessed value to property taxes starting in 2026.
The other big change is on the east edge. Skylake Adventures, a roughly $100 million water and adventure park on 126 acres at SR 38 and US 31, opened in June 2026 and projects about 500,000 visitors a year. And a $45 million county utility district is bringing sewer and water to the US 31 corridor, which is where future growth is expected.
What you are actually buying: a Hamilton County address at a price well below the rest of the county, a small-town core on the Monon, and room. What you are giving up: distance — this is the far north end of the county — and a tax picture that is still settling after the merger, with a school referendum on the November ballot.
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After the merger, Sheridan is a small town sitting inside roughly 48 square miles of farmland, and the east edge is starting to change fast.
Around SR 38 and SR 47, with the Monon running through the center of town. Much of downtown was rebuilt after a 1913 fire, so expect older homes and older systems near the core.
See homes →D.R. Horton's subdivision on Greer Street, one- and two-story homes from about $301,000 as of September 2026, with a pond, trails and a playground. The only large active new-construction community I confirmed in town.
See homes →About 48 square miles of farmland and small crossroads places like Bakers Corner and Boxley, crossed by Cicero Creek and Eagle Creek. On acreage, plan for a well-and-septic conversation and check flood maps near the creeks.
See homes →Where the new county utility district runs sewer and water from 216th to 296th Street. Expect commercial and residential growth here, and the construction that comes with it.
See homes →The new park at SR 38 and US 31, open year-round with expansions planned through 2031. Great if you want it nearby; think about event traffic if you'd be on the route in.
See homes →Sheridan is served by Sheridan Community Schools, and Sheridan High School is in town.
The district is asking voters to approve an operating referendum at a rate of up to 40 cents per $100 of assessed value for up to eight years, capped at $2.9 million a year. The ballot estimates the cost at $454 a year on a $250,000 median home. The district's last operating referendum, in 2023, passed. Carmel Clay, Noblesville and Westfield Washington have referendums on the same ballot.
Put the ceiling rate and the merger levy into your carrying-cost math before you write an offer. Referendum rates sit outside the 1% cap. Confirm current terms with the district and the Hamilton County election office, and confirm the school assignment for the specific address.
SR 38 and SR 47 cross in town, and US 31 runs along the east edge. Sheridan is roughly 30 miles from Indianapolis by Wikipedia's straight-line figure, and the road trip is longer. Drive your actual route at your actual start time before you commit — for most buyers, that drive is the whole decision.
Biddle Memorial Park is the Monon trailhead, with a skatepark, disc golf, ball fields and the summer farmers' and artisans' market. The town also has Veterans Park and a community park next to the community center.
Indiana caps homestead property tax at 1% of gross assessed value under the circuit breaker, so most owner-occupants land at or near that figure before any voter-approved referendum rate, which sits outside the cap. Rentals and second homes are capped at 2% and should be modeled separately. Hamilton County's local income tax is 1.1%, unchanged in the Indiana Department of Revenue's county rate notice effective October 1, 2026. Confirm assessments with the Hamilton County Assessor.
If you commute to downtown Indianapolis every day, drive it first — it's one of the longest commutes in Hamilton County. If you want lots of new-construction choice, it isn't here yet. If you want Hamilton County at a price that's hard to find anywhere else in it, this is the place to start.
The median single-family sale was $324,900 year to date through August 2026, on 117 closings, down 3.1% from about $335,100 over the same stretch of 2025. It is the lowest median of the Hamilton County towns on this site.
An operating referendum for Sheridan Community Schools at a rate of up to 40 cents per $100 of assessed value for up to eight years. The ballot estimates the cost at $454 a year on a $250,000 median home.
Yes. Voters approved the consolidation in November 2024 and it took effect January 1, 2025, growing the town from about two square miles to about fifty. It was projected to add about 8 cents per $100 of assessed value to property taxes starting in 2026.
Yes. Sheridan is the north end of the Monon. The final Sheridan section was completed in October 2025, and the trail runs about 28 miles to 10th Street in Indianapolis.
Some. D.R. Horton's Centre Place is selling from about $301,000 as of September 2026, and several planned developments are on file with the town. The new county utility district along US 31 is expected to bring more.
A roughly $100 million water and adventure park on 126 acres at SR 38 and US 31 in Sheridan. It opened June 4, 2026, operates year-round, and projects about 500,000 visitors a year.
I'm Wes Johnston, a Realtor with Trueblood Real Estate, based in Fishers. I cover the whole Indianapolis metro, and every guide on this site is built the same way: MIBOR numbers, public sources, and the trade-offs a listing description won't mention.
My job isn't to open doors. It's to tell you what a house is actually worth, what's wrong with it, and whether it's the right move for what you're trying to do — then negotiate hard on your behalf and own the process from contract to close.
If you're two years out, that's fine. Most of my best clients started with a question, not a showing.
Fishers-based. Honest numbers, every part of the metro. Committed to your success.
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