Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 8,449, 3,351 total housing units (homes and apartments), and a median house value of $75,741, house prices in Elwood are some of the most affordable in Indiana as well as the nation.
Single-family detached homes are the single most common housing type in Elwood, accounting for 75.26% of the city's housing units. Other types of housing that are prevalent in Elwood include duplexes, homes converted to apartments or other small apartment buildings ( 12.52%), large apartment complexes or high rise apartments ( 6.79%), and a few mobile homes or trailers ( 4.70%).
The most prevalent building size and type in Elwood are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.33% owning and 39.67% renting.
The housing in Elwood was primarily built before 1939 ( 45.33%), making the housing stock in Elwood some of the oldest overall in America, although there is a range of ages of homes in Elwood. The next most important housing age is between 1940-1969 ( 27.96%), followed by between 1970-1999 ( 20.41%). There's also some housing in Elwood built between 2000 and later ( 6.30%).
Vacant housing appears to be an issue in Elwood. Fully 17.58% of the housing stock is classified as vacant. Left unchecked, vacant Elwood homes and apartments can be a drag on the real estate market, holding Elwood real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Elwood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.33% during the period.
Appreciation rates are so strong in Elwood that despite a nationwide downturn in the housing market, Elwood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elwood appreciation rates continue to be some of the highest in America, at 7.59%, which is higher than appreciation rates in 84.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elwood. Elwood appreciation rates in the latest quarter were at -0.61%, which equates to an annual appreciation rate of -2.40%.
Notably, Elwood's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Indiana, our data show that Elwood's latest annual appreciation rate is higher than 90% of the other cities and towns in Indiana.
|$860,001 - $1,147,000||0.0|
|$573,001 - $860,000||0.2|
|$459,001 - $573,000||0.0|
|$344,001 - $459,000||2.2|
|$229,001 - $344,000||3.0|
|$115,001 - $229,000||12.9|
|$57,001 - $115,000||52.8|
|$0 - $57,000||29.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Elwood HOMES|
|2000 or Newer||6.3|
|1970 - 1999||20.4|
|1940 - 1969||28.0|
|1939 or Older||45.3|
|TYPE OF Elwood HOMES|
|Small Apt. Buildings||12.5|
|SIZE OF Elwood HOMES|
|5 or more bedrooms||1.21|