Elkhart, 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 Q2 2021. 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

Elkhart, IN Housing Market Trends

With 52,358 people, 20,070 houses or apartments, and a median cost of homes of $127,225, house prices in Elkhart are solidly below the national average.

Single-family detached homes are the single most common housing type in Elkhart, accounting for 55.59% of the city's housing units. Other types of housing that are prevalent in Elkhart include large apartment complexes or high rise apartments ( 23.30%), duplexes, homes converted to apartments or other small apartment buildings ( 12.64%), and a few mobile homes or trailers ( 6.75%).

People in Elkhart primarily live in small (one, two or no bedroom) single-family detached homes. Elkhart has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Elkhart built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elkhart built between 1940-1969 ( 31.72%). A lesser amount of the housing stock also hails from before 1939 ( 23.95%). There's also some housing in Elkhart built between 2000 and later ( 6.58%).

Vacant housing appears to be an issue in Elkhart. Fully 13.69% of the housing stock is classified as vacant. Left unchecked, vacant Elkhart homes and apartments can be a drag on the real estate market, holding Elkhart 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.

Elkhart Home Appreciation Rates

Appreciation rates for homes in Elkhart have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 47.42%, which ranks in the top 50% nationwide. This equates to an annual average Elkhart house appreciation rate of 3.96%.

Appreciation rates are so strong in Elkhart that despite a nationwide downturn in the housing market, Elkhart real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elkhart appreciation rates continue to be some of the highest in America, at 10.77%, which is higher than appreciation rates in 74.17% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elkhart. Elkhart appreciation rates in the latest quarter were at 0.87%, which equates to an annual appreciation rate of 3.54%.

Notably, Elkhart's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$127,225

Elkhart, IN HOME PRICES

> $1,267,000
0.3%
0.3%
$950,001 - $1,267,000
0.5%
0.5%
$634,001 - $950,000
1.3%
1.3%
$507,001 - $634,000
0.0%
0.0%
$380,001 - $507,000
2.1%
2.1%
$253,001 - $380,000
5.8%
5.8%
$127,001 - $253,000
35.5%
35.5%
$63,001 - $127,000
43.7%
43.7%
$0 - $63,000
10.7%
10.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
20,070

Elkhart Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
40.54% 1.60%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,010 / per month

Homeownership Rate

Owners
49.8%
49.8%
Renters
50.2%
50.2%
Vacant
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.6%
6.6%
1970 - 1999
37.8%
37.8%
1940 - 1969
31.7%
31.7%
1939 or Older
23.9%
23.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
55.6%
55.6%
Townhomes
1.7%
1.7%
Small Apt. Buildings
12.6%
12.6%
Apt. Complexes
23.3%
23.3%
Mobile Homes
6.7%
6.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
16.1%
16.1%
2 Bedrooms
33.8%
33.8%
3 Bedrooms
33.0%
33.0%
4 Bedrooms
12.0%
12.0%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES