New Palestine, 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

New Palestine, IN Housing Market Trends

With 2,559 people, 902 houses or apartments, and a median cost of homes of $279,750, New Palestine real estate is some of the most expensive in Indiana, although New Palestine home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in New Palestine, accounting for 83.25% of the town's housing units. Other types of housing that are prevalent in New Palestine include duplexes, homes converted to apartments or other small apartment buildings ( 7.97%), row houses and other attached homes ( 6.13%), and a few large apartment complexes or high rise apartments ( 2.66%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Palestine. Owner-occupied housing accounts for 81.26% of New Palestine's homes, and 73.75% have either three or four bedrooms, which is average sized relative to America.

New Palestine homes and real estate are some of the newest in America. 48.01% of New Palestine's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the New Palestine real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 23.49%), and before 1939 ( 16.65%). There's also some housing in New Palestine built between 1940-1969 ( 11.85%).

New Palestine Home Appreciation Rates

Appreciation rates for homes in New Palestine have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 49.33%, which ranks in the top 30% nationwide. This equates to an annual average New Palestine house appreciation rate of 4.09%.

Appreciation rates are so strong in New Palestine that despite a nationwide downturn in the housing market, New Palestine real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Palestine appreciation rates continue to be some of the highest in America, at 6.61%, which is higher than appreciation rates in 78.86% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Palestine. New Palestine appreciation rates in the latest quarter were at 2.48%, which equates to an annual appreciation rate of 10.28%.

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

Average Home Values

 

Median Home Value:
$279,750

New Palestine, IN HOME PRICES

> $1,276,000
0.5%
0.5%
$957,001 - $1,276,000
0.2%
0.2%
$638,001 - $957,000
3.1%
3.1%
$510,001 - $638,000
4.5%
4.5%
$383,001 - $510,000
9.8%
9.8%
$256,001 - $383,000
37.5%
37.5%
$128,001 - $256,000
34.4%
34.4%
$64,001 - $128,000
5.8%
5.8%
$0 - $64,000
4.2%
4.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IN

Value Relative To Nation

Number Of Homes And Apartments:
902

New Palestine 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
62.95% 2.35%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,163 / per month

Homeownership Rate

Owners
81.3%
81.3%
Renters
18.7%
18.7%
Vacant
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
48.0%
48.0%
1970 - 1999
23.5%
23.5%
1940 - 1969
11.8%
11.8%
1939 or Older
16.6%
16.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
83.2%
83.2%
Townhomes
6.1%
6.1%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
2.7%
2.7%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
3.1%
3.1%
2 Bedrooms
19.2%
19.2%
3 Bedrooms
54.2%
54.2%
4 Bedrooms
19.5%
19.5%
5 or more bedrooms
3.2%
3.2%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in New Palestine

Zip Codes in New Palestine, IN