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Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Indiana?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Indiana is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Indiana

Home values have been rising throughout Indiana and are up 8.06% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $147,400 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for Indiana at $147,400 , a representative monthly mortgage payment would be $677.62.

How the Indiana housing market stacks up

Downtown of Indianapolis by Indiana Central Canal
f11photo / Shutterstock
Downtown of Indianapolis by Indiana Central Canal

Property values in Indiana are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Indiana, they're expected to rise 2.38%.

Homes are going on the market in Indiana at a median price of $97 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Indiana home prices over the last 10 years

Year Avg. Price
2019* $145,488
2018 $135,283
2017 $124,317
2016 $116,425
2015 $110,200
2014 $106,150
2013 $104,567
2012 $104,675
2011 $105,725
2010 $107,850
2009 $110,333

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Indiana is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $242,500
2018 $222,500
2017 $205,000
2016 $192,500
2015 $180,000
2014 $175,000
2013 $172,500
2012 $172,500
2011 $177,500
2010 $180,000
2009 $182,500

*2019 price average through August 2019.