Merrillville, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Merrillville, IN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Merrillville Housing Market Information

With a population of 35,224, 13,473 total housing units (homes and apartments), and a median house value of $131,661, house prices in Merrillville are solidly below the national average.

Single-family detached homes are the single most common housing type in Merrillville, accounting for 60.33% of the town's housing units. Other types of housing that are prevalent in Merrillville include large apartment complexes or high rise apartments ( 24.70%), row houses and other attached homes ( 9.37%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.92%).

The most prevalent building size and type in Merrillville are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.33% owning and 36.67% 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. Merrillville's housing was primarily built during this period, from the '40s through the '60s. A full 37.82% of the town's housing hails from this era. Other housing ages represented in Merrillville include homes built between 1970-1999 ( 37.01%) and housing constructed between 2000 and later ( 19.80%). There's also some housing in Merrillville built before 1939 ( 5.38%).

Merrillville Home Appreciation Rates

Merrillville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Merrillville during the period has been just -1.20%, which is lower than 70% of US communities.

Over the last year, Merrillville appreciation rates have trailed the rest of the nation. In the last twelve months, Merrillville's appreciation rate has been 2.45%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Merrillville were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Indiana, our data show that Merrillville's latest annual appreciation rate is lower than 60% 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 town. Individual neighborhoods within Merrillville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Merrillville - 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 Merrillville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$131,661

Merrillville, IN HOME PRICES

Value Range
> $1,054,000 0.7
$790,001 - $1,054,000 0.1
$527,001 - $790,000 0.4
$422,001 - $527,000 0.3
$316,001 - $422,000 2.1
$211,001 - $316,000 7.1
$106,001 - $211,000 63.4
$53,001 - $106,000 20.7
$0 - $53,000 5.1

Average for IN
Average for Nation

Value Relative to Nation Value Relative to State
58.9827727645611 42.7601809954751

Number Of Homes And Apartments:
13,473

Merrillville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
7.04% 0.39% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,116 / per month

Homeownership Rate

Homeownership
Owners 63.33
Renters 36.67
Vacant 6.75

Housing Market Details

 

Age of Homes

AGE OF Merrillville HOMES
2000 or Newer 19.8
1970 - 1999 37.0
1940 - 1969 37.8
1939 or Older 5.4

Types of Homes

TYPE OF Merrillville HOMES
Single-Family 60.3
Townhomes 9.4
Small Apt. Buildings 4.9
Apt. Complexes 24.7
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Merrillville HOMES
No Bedroom 1.14
1 Bedroom 13.34
2 Bedrooms 28.20
3 Bedrooms 38.59
4 Bedrooms 15.04
5 or more bedrooms 3.70