Merrillville, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Merrillville, IN Real Estate Data


Merrillville Housing Market Information

With 35,224 people, 13,225 houses or apartments, and a median cost of homes of $140,957, 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 59.34% of the town's housing units. Other types of housing that are prevalent in Merrillville include large apartment complexes or high rise apartments ( 24.07%), row houses and other attached homes ( 9.19%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.55%).

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 62.43% owning and 37.57% 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 38.86% of the town's housing hails from this era. Other housing ages represented in Merrillville include homes built between 1970-1999 ( 35.99%) and housing constructed between 2000 and later ( 19.54%). There's also some housing in Merrillville built before 1939 ( 5.60%).

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 -0.78%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Merrillville's appreciation rate, at 5.65%, has been at or slightly above the national average. In the latest quarter, Merrillville's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

Relative to Indiana, our data show that Merrillville's latest annual appreciation rate is lower than 50% 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:
$140,957

Merrillville, IN HOME PRICES

Value Range
> $1,086,000 0.6
$814,001 - $1,086,000 0.0
$543,001 - $814,000 1.0
$434,001 - $543,000 0.8
$326,001 - $434,000 2.0
$217,001 - $326,000 6.8
$108,001 - $217,000 62.6
$54,001 - $108,000 21.2
$0 - $54,000 5.0

High for IN
Average for Nation

Value Relative to Nation Value Relative to State
55.1443461966388 35.2941176470588

Number Of Homes And Apartments:
13,225

Rent & Ownership

 

Average Market Rent:
$1,087 / per month

Homeownership Rate

Homeownership
Owners 62.43
Renters 37.57
Vacant 7.69

Housing Market Details

 

Age of Homes

AGE OF Merrillville HOMES
2000 or Newer 19.5
1970 - 1999 36.0
1940 - 1969 38.9
1939 or Older 5.6

Types of Homes

TYPE OF Merrillville HOMES
Single-Family 59.3
Townhomes 9.2
Small Apt. Buildings 6.5
Apt. Complexes 24.1
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Merrillville HOMES
No Bedroom 1.43
1 Bedroom 12.53
2 Bedrooms 27.28
3 Bedrooms 40.65
4 Bedrooms 13.27
5 or more bedrooms 4.84

Merrillville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
11.46% 0.64% 3 1
* 10 is highest