Hammond, 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

Hammond, IN Housing Market Trends

With a population of 75,522, 28,620 total housing units (homes and apartments), and a median house value of $115,013, house prices in Hammond are solidly below the national average.

Single-family detached homes are the single most common housing type in Hammond, accounting for 73.89% of the city's housing units. Other types of housing that are prevalent in Hammond include large apartment complexes or high rise apartments ( 11.16%), duplexes, homes converted to apartments or other small apartment buildings ( 10.42%), and a few row houses and other attached homes ( 3.64%).

The most prevalent building size and type in Hammond are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.84% owning and 40.16% renting.

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. Hammond's housing was primarily built during this period, from the '40s through the '60s. A full 53.31% of the city's housing hails from this era. Other housing ages represented in Hammond include homes built before 1939 ( 31.05%) and housing constructed between 1970-1999 ( 13.71%). There's also some housing in Hammond built between 2000 and later ( 1.93%).

Vacant housing appears to be an issue in Hammond. Fully 10.84% of the housing stock is classified as vacant. Left unchecked, vacant Hammond homes and apartments can be a drag on the real estate market, holding Hammond 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.

Hammond Home Appreciation Rates

Real estate appreciation rates in Hammond's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.78% during the period.

Over the last year, Hammond appreciation rates have trailed the rest of the nation. In the last twelve months, Hammond's appreciation rate has been 2.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hammond were at 1.53%, which equates to an annual appreciation rate of 6.28%.

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

Relative to Indiana, our data show that Hammond'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 Hammond differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hammond - 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 Hammond real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$115,013

Hammond, IN HOME PRICES

> $1,215,000
0.1%
0.1%
$911,001 - $1,215,000
0.1%
0.1%
$607,001 - $911,000
0.2%
0.2%
$486,001 - $607,000
0.1%
0.1%
$364,001 - $486,000
0.8%
0.8%
$243,001 - $364,000
3.0%
3.0%
$122,001 - $243,000
32.1%
32.1%
$61,001 - $122,000
55.2%
55.2%
$0 - $61,000
8.4%
8.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
28,620

Hammond 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
37.00% 1.51%
3
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,244 / per month

Homeownership Rate

Owners
59.8%
59.8%
Renters
40.2%
40.2%
Vacant
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.9%
1.9%
1970 - 1999
13.7%
13.7%
1940 - 1969
53.3%
53.3%
1939 or Older
31.1%
31.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.9%
73.9%
Townhomes
3.6%
3.6%
Small Apt. Buildings
10.4%
10.4%
Apt. Complexes
11.2%
11.2%
Mobile Homes
0.9%
0.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
9.7%
9.7%
2 Bedrooms
32.6%
32.6%
3 Bedrooms
42.8%
42.8%
4 Bedrooms
10.3%
10.3%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES