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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,825, 725 total housing units (homes and apartments), and a median house value of $273,034, Milan real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Milan, accounting for 67.59% of the town's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 14.42%), mobile homes or trailers ( 10.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.75%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milan. Owner-occupied housing accounts for 68.77% of Milan's homes, and 56.08% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Milan 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 Milan built between 1940-1969 ( 27.25%). A lesser amount of the housing stock also hails from before 1939 ( 25.00%). There's also some housing in Milan built between 2000 and later ( 17.46%).
Appreciation rates for homes in Milan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.96%, which ranks in the top 50% nationwide. This equates to an annual average Milan house appreciation rate of 6.90%.
NeighborhoodScout's data show that during the latest twelve months, Milan's appreciation rate, at 7.11%, has been at or slightly above the national average. In the latest quarter, Milan's appreciation rate has been 1.91%, which annualizes to a rate of 7.88%.
Relative to Indiana, our data show that Milan's latest annual appreciation rate is higher than 60% of the other cities and towns in Indiana.
$273,034
for Indiana
for nation
725
$1,329 / per month