Evansville, IN Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Evansville, IN Housing Market Trends

With a population of 117,979, 51,666 total housing units (homes and apartments), and a median house value of $99,225, house prices in Evansville 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 Evansville, accounting for 64.83% of the city's housing units. Other types of housing that are prevalent in Evansville include large apartment complexes or high rise apartments ( 21.98%), duplexes, homes converted to apartments or other small apartment buildings ( 10.02%), and a few row houses and other attached homes ( 1.92%).

People in Evansville primarily live in small (one, two or no bedroom) single-family detached homes. Evansville has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Evansville's housing was primarily built during this period, from the '40s through the '60s. A full 38.89% of the city's housing hails from this era. Other housing ages represented in Evansville include homes built between 1970-1999 ( 30.10%) and housing constructed before 1939 ( 23.70%). There's also some housing in Evansville built between 2000 and later ( 7.30%).

Vacant housing appears to be an issue in Evansville. Fully 12.51% of the housing stock is classified as vacant. Left unchecked, vacant Evansville homes and apartments can be a drag on the real estate market, holding Evansville 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.

Evansville Home Appreciation Rates

Real estate appreciation rates in Evansville's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.54% during the period.

Over the last year, Evansville appreciation rates have trailed the rest of the nation. In the last twelve months, Evansville's appreciation rate has been 3.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Evansville were at 0.95%, which equates to an annual appreciation rate of 3.87%.

Notably, Evansville's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that Evansville's latest annual appreciation rate is lower than 90% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Evansville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Evansville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Evansville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$99,225

Evansville, IN HOME PRICES

> $1,139,000
0.4%
0.4%
$854,001 - $1,139,000
0.1%
0.1%
$570,001 - $854,000
0.7%
0.7%
$456,001 - $570,000
0.9%
0.9%
$342,001 - $456,000
2.6%
2.6%
$228,001 - $342,000
6.1%
6.1%
$114,001 - $228,000
31.3%
31.3%
$57,001 - $114,000
44.3%
44.3%
$0 - $57,000
13.6%
13.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
51,666

Evansville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
39.79% 1.61%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$993 / per month

Homeownership Rate

Owners
53.2%
53.2%
Renters
46.8%
46.8%
Vacant
12.5%
12.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.3%
7.3%
1970 - 1999
30.1%
30.1%
1940 - 1969
38.9%
38.9%
1939 or Older
23.7%
23.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
1.9%
1.9%
Small Apt. Buildings
10.0%
10.0%
Apt. Complexes
22.0%
22.0%
Mobile Homes
1.2%
1.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
18.0%
18.0%
2 Bedrooms
35.8%
35.8%
3 Bedrooms
33.2%
33.2%
4 Bedrooms
8.6%
8.6%
5 or more bedrooms
1.9%
1.9%
0.0% 100.0%
% OF HOMES