South Bend IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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South Bend, 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

South Bend Housing Market Information

With 101,860 people, 38,601 houses or apartments, and a median cost of homes of $87,065, house prices in South Bend 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 South Bend, accounting for 72.22% of the city's housing units. Other types of housing that are prevalent in South Bend include large apartment complexes or high rise apartments ( 18.53%), duplexes, homes converted to apartments or other small apartment buildings ( 6.17%), and a few row houses and other attached homes ( 2.05%).

The most prevalent building size and type in South Bend are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.91% owning and 43.09% 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. South Bend's housing was primarily built during this period, from the '40s through the '60s. A full 44.74% of the city's housing hails from this era. Other housing ages represented in South Bend include homes built before 1939 ( 26.02%) and housing constructed between 1970-1999 ( 22.73%). There's also some housing in South Bend built between 2000 and later ( 6.51%).

Vacant housing appears to be an issue in South Bend. Fully 17.27% of the housing stock is classified as vacant. Left unchecked, vacant South Bend homes and apartments can be a drag on the real estate market, holding South Bend 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.

South Bend Home Appreciation Rates

Appreciation rates for homes in South Bend have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 29.12%, which ranks in the top 50% nationwide. This equates to an annual average South Bend house appreciation rate of 2.59%.

Over the last year, South Bend appreciation rates have trailed the rest of the nation. In the last twelve months, South Bend's appreciation rate has been 2.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in South Bend were at 1.66%, which equates to an annual appreciation rate of 6.79%.

Importantly, this makes South Bend one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Indiana, our data show that South Bend's latest annual appreciation rate is lower than 80% 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 South Bend differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in South Bend - 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 South Bend real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$87,065

South Bend, IN HOME PRICES

Value Range
> $1,227,000 0.1
$920,001 - $1,227,000 0.2
$613,001 - $920,000 0.9
$491,001 - $613,000 0.7
$368,001 - $491,000 1.7
$245,001 - $368,000 3.6
$123,001 - $245,000 24.4
$62,001 - $123,000 43.8
$0 - $62,000 24.5

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
91.7138686131387 93.2126696832579

Number Of Homes And Apartments:
38,601

South Bend Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
36.74% 1.54%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,002 / per month

Homeownership Rate

Homeownership
Owners 56.91
Renters 43.09
Vacant 17.27

Housing Market Details

 

Age of Homes

AGE OF South Bend HOMES
2000 or Newer 6.5
1970 - 1999 22.7
1940 - 1969 44.7
1939 or Older 26.0

Types of Homes

TYPE OF South Bend HOMES
Single-Family 72.2
Townhomes 2.1
Small Apt. Buildings 6.2
Apt. Complexes 18.5
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF South Bend HOMES
No Bedroom 1.61
1 Bedroom 11.97
2 Bedrooms 30.09
3 Bedrooms 40.81
4 Bedrooms 12.92
5 or more bedrooms 2.61