Current home values in Indiana
Home values have been rising throughout Indiana and are up 8.6% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $273,371, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Indiana: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $273,371 home at 3.33% would give a typical Indiana homebuyer a monthly payment of $961, assuming a 20% down payment.
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How the Indiana housing market stacks up
Indiana families can spend time together in their yards on weekends
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Indiana, they're predicted to rise 4.9%.
Homes right now are going on the market in Indiana at a median price of $101 per square foot, versus $134 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 |
|---|---|
| 2020* | $157,955 |
| 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 |
*2020 price average through March 31, 2020.
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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 |
|---|---|
| 2020* | $251,657 |
| 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 |
*2020 price average through March 31, 2020.
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