Home Values Rising in Indiana Amid Coronavirus Crisis
See how the housing market is doing in the Hoosier State during COVID-19.
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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.
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.
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.
