South Bend, 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

South Bend, IN Housing Market Trends

With a population of 102,026, 38,568 total housing units (homes and apartments), and a median house value of $89,516, 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 72.78% of the city's housing units. Other types of housing that are prevalent in South Bend include large apartment complexes or high rise apartments ( 18.03%), duplexes, homes converted to apartments or other small apartment buildings ( 5.86%), and a few row houses and other attached homes ( 2.26%).

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 55.40% owning and 44.60% 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 46.23% of the city's housing hails from this era. Other housing ages represented in South Bend include homes built before 1939 ( 24.78%) and housing constructed between 1970-1999 ( 22.41%). There's also some housing in South Bend built between 2000 and later ( 6.57%).

Vacant housing appears to be an issue in South Bend. Fully 17.33% 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

Real estate appreciation rates in South Bend's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.62% during the period.

NeighborhoodScout's data show that during the latest twelve months, South Bend's appreciation rate, at 5.61%, has been at or slightly above the national average. In the latest quarter, South Bend's appreciation rate has been 2.77%, which annualizes to a rate of 11.56%.

Relative to Indiana, our data show that South Bend's latest annual appreciation rate is lower than 70% 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:
$89,516

South Bend, IN HOME PRICES

> $1,202,000
0.2%
0.2%
$901,001 - $1,202,000
0.2%
0.2%
$601,001 - $901,000
1.2%
1.2%
$481,001 - $601,000
0.7%
0.7%
$361,001 - $481,000
2.0%
2.0%
$240,001 - $361,000
4.1%
4.1%
$120,001 - $240,000
25.0%
25.0%
$60,001 - $120,000
44.0%
44.0%
$0 - $60,000
22.6%
22.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
38,568

South Bend 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
40.78% 1.64%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,054 / per month

Homeownership Rate

Owners
55.4%
55.4%
Renters
44.6%
44.6%
Vacant
17.3%
17.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.6%
6.6%
1970 - 1999
22.4%
22.4%
1940 - 1969
46.2%
46.2%
1939 or Older
24.8%
24.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.8%
72.8%
Townhomes
2.3%
2.3%
Small Apt. Buildings
5.9%
5.9%
Apt. Complexes
18.0%
18.0%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
11.5%
11.5%
2 Bedrooms
30.5%
30.5%
3 Bedrooms
41.0%
41.0%
4 Bedrooms
12.4%
12.4%
5 or more bedrooms
2.8%
2.8%
0.0% 100.0%
% OF HOMES