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• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38% nationwide and about 46% in Indiana.
• But location matters in the U.S. housing market, and in some parts of Indiana, list price increases have been far more modest than in others.
• Also: 2 Dividend Legends to Hold Forever

The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.

Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.

The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.

Few parts of the country have been spared from surging home prices. In Indiana, the median list price among all homes on the market was $309,450 in July 2024, up 45.6% — or $96,950 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)

Notably, when it comes to the housing costs, location matters — and in some parts of Indiana, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 31 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 10.8% to 230.5% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $24,650 to $195,950 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)

It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, there are three Indiana metro areas where most homes were listed for over $350,000 in July 2024, and none of them rank among the 10 cities on this list with the largest price increases.

This is how home prices have changed since the pandemic in every city in Indiana. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.

Why It Matters

Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of Indiana have borne the brunt of rising prices, while others have been largely shielded.

31. Jasper, IN

• Change in median list price since start of pandemic: +10.8% (+$24,650)
• Median home list price: $253,750 in July 2024; $229,100 in March 2020
• Median list price per square foot: $143 in July 2024; $92 in March 2020
• Size of a typical listed home: 2,026 sq. ft. in July 2024; 2,316 sq. ft. in March 2020

30. Warsaw, IN

• Change in median list price since start of pandemic: +17.4% (+$49,525)
• Median home list price: $334,425 in July 2024; $284,900 in March 2020
• Median list price per square foot: $181 in July 2024; $136 in March 2020
• Size of a typical listed home: 1,767 sq. ft. in July 2024; 1,898 sq. ft. in March 2020

29. Michigan City-La Porte, IN

• Change in median list price since start of pandemic: +20.1% (+$53,925)
• Median home list price: $321,900 in July 2024; $267,975 in March 2020
• Median list price per square foot: $164 in July 2024; $124 in March 2020
• Size of a typical listed home: 2,045 sq. ft. in July 2024; 1,909 sq. ft. in March 2020

28. Bloomington, IN

• Change in median list price since start of pandemic: +21.0% (+$69,450)
• Median home list price: $399,450 in July 2024; $330,000 in March 2020
• Median list price per square foot: $202 in July 2024; $147 in March 2020
• Size of a typical listed home: 1,929 sq. ft. in July 2024; 2,064 sq. ft. in March 2020

27. Indianapolis-Carmel-Anderson, IN

• Change in median list price since start of pandemic: +22.0% (+$61,505)
• Median home list price: $341,000 in July 2024; $279,495 in March 2020
• Median list price per square foot: $160 in July 2024; $110 in March 2020
• Size of a typical listed home: 2,162 sq. ft. in July 2024; 2,345 sq. ft. in March 2020

26. Fort Wayne, IN

• Change in median list price since start of pandemic: +27.2% (+$68,500)
• Median home list price: $319,900 in July 2024; $251,400 in March 2020
• Median list price per square foot: $163 in July 2024; $111 in March 2020
• Size of a typical listed home: 1,851 sq. ft. in July 2024; 1,998 sq. ft. in March 2020

25. South Bend-Mishawaka, IN-MI

• Change in median list price since start of pandemic: +29.7% (+$66,675)
• Median home list price: $291,475 in July 2024; $224,800 in March 2020
• Median list price per square foot: $155 in July 2024; $106 in March 2020
• Size of a typical listed home: 1,753 sq. ft. in July 2024; 1,814 sq. ft. in March 2020

24. Seymour, IN

• Change in median list price since start of pandemic: +37.5% (+$71,275)
• Median home list price: $261,175 in July 2024; $189,900 in March 2020
• Median list price per square foot: $157 in July 2024; $100 in March 2020
• Size of a typical listed home: 1,812 sq. ft. in July 2024; 1,834 sq. ft. in March 2020

23. Scottsburg, IN

• Change in median list price since start of pandemic: +38.6% (+$67,500)
• Median home list price: $242,500 in July 2024; $175,000 in March 2020
• Median list price per square foot: $149 in July 2024; $103 in March 2020
• Size of a typical listed home: 1,604 sq. ft. in July 2024; 1,568 sq. ft. in March 2020

22. Washington, IN

• Change in median list price since start of pandemic: +41.0% (+$67,975)
• Median home list price: $233,725 in July 2024; $165,750 in March 2020
• Median list price per square foot: $129 in July 2024; $83 in March 2020
• Size of a typical listed home: 1,775 sq. ft. in July 2024; 1,916 sq. ft. in March 2020

21. Elkhart-Goshen, IN

• Change in median list price since start of pandemic: +47.2% (+$102,250)
• Median home list price: $318,675 in July 2024; $216,425 in March 2020
• Median list price per square foot: $148 in July 2024; $96 in March 2020
• Size of a typical listed home: 2,147 sq. ft. in July 2024; 2,048 sq. ft. in March 2020

20. Lafayette-West Lafayette, IN

• Change in median list price since start of pandemic: +50.1% (+$132,475)
• Median home list price: $397,050 in July 2024; $264,575 in March 2020
• Median list price per square foot: $169 in July 2024; $109 in March 2020
• Size of a typical listed home: 2,297 sq. ft. in July 2024; 2,122 sq. ft. in March 2020

19. Angola, IN

• Change in median list price since start of pandemic: +54.1% (+$149,975)
• Median home list price: $427,425 in July 2024; $277,450 in March 2020
• Median list price per square foot: $236 in July 2024; $134 in March 2020
• Size of a typical listed home: 1,998 sq. ft. in July 2024; 1,813 sq. ft. in March 2020

18. Bedford, IN

• Change in median list price since start of pandemic: +57.2% (+$94,050)
• Median home list price: $258,400 in July 2024; $164,350 in March 2020
• Median list price per square foot: $151 in July 2024; $93 in March 2020
• Size of a typical listed home: 1,639 sq. ft. in July 2024; 1,803 sq. ft. in March 2020

17. Plymouth, IN

• Change in median list price since start of pandemic: +66.6% (+$126,125)
• Median home list price: $315,625 in July 2024; $189,500 in March 2020
• Median list price per square foot: $158 in July 2024; $105 in March 2020
• Size of a typical listed home: 1,870 sq. ft. in July 2024; 1,763 sq. ft. in March 2020

16. Madison, IN

• Change in median list price since start of pandemic: +72.1% (+$118,225)
• Median home list price: $282,225 in July 2024; $164,000 in March 2020
• Median list price per square foot: $166 in July 2024; $95 in March 2020
• Size of a typical listed home: 1,885 sq. ft. in July 2024; 1,690 sq. ft. in March 2020

15. Greensburg, IN

• Change in median list price since start of pandemic: +74.3% (+$126,300)
• Median home list price: $296,200 in July 2024; $169,900 in March 2020
• Median list price per square foot: $143 in July 2024; $96 in March 2020
• Size of a typical listed home: 2,109 sq. ft. in July 2024; 1,806 sq. ft. in March 2020

14. Terre Haute, IN

• Change in median list price since start of pandemic: +80.3% (+$80,100)
• Median home list price: $179,900 in July 2024; $99,800 in March 2020
• Median list price per square foot: $103 in July 2024; $68 in March 2020
• Size of a typical listed home: 1,776 sq. ft. in July 2024; 1,558 sq. ft. in March 2020

13. Crawfordsville, IN

• Change in median list price since start of pandemic: +82.0% (+$117,225)
• Median home list price: $260,225 in July 2024; $143,000 in March 2020
• Median list price per square foot: $126 in July 2024; $82 in March 2020
• Size of a typical listed home: 2,283 sq. ft. in July 2024; 1,843 sq. ft. in March 2020

12. Kokomo, IN

• Change in median list price since start of pandemic: +83.2% (+$107,975)
• Median home list price: $237,675 in July 2024; $129,700 in March 2020
• Median list price per square foot: $131 in July 2024; $72 in March 2020
• Size of a typical listed home: 1,700 sq. ft. in July 2024; 1,646 sq. ft. in March 2020

11. Marion, IN

• Change in median list price since start of pandemic: +85.5% (+$67,875)
• Median home list price: $147,225 in July 2024; $79,350 in March 2020
• Median list price per square foot: $101 in July 2024; $57 in March 2020
• Size of a typical listed home: 1,491 sq. ft. in July 2024; 1,475 sq. ft. in March 2020

10. Wabash, IN

• Change in median list price since start of pandemic: +91.8% (+$109,250)
• Median home list price: $228,250 in July 2024; $119,000 in March 2020
• Median list price per square foot: $123 in July 2024; $73 in March 2020
• Size of a typical listed home: 1,809 sq. ft. in July 2024; 1,654 sq. ft. in March 2020

9. Auburn, IN

• Change in median list price since start of pandemic: +95.5% (+$164,475)
• Median home list price: $336,650 in July 2024; $172,175 in March 2020
• Median list price per square foot: $162 in July 2024; $105 in March 2020
• Size of a typical listed home: 2,043 sq. ft. in July 2024; 1,794 sq. ft. in March 2020

8. Richmond, IN

• Change in median list price since start of pandemic: +97.1% (+$97,050)
• Median home list price: $196,950 in July 2024; $99,900 in March 2020
• Median list price per square foot: $117 in July 2024; $67 in March 2020
• Size of a typical listed home: 1,775 sq. ft. in July 2024; 1,644 sq. ft. in March 2020

7. Peru, IN

• Change in median list price since start of pandemic: +100.5% (+$90,350)
• Median home list price: $180,250 in July 2024; $89,900 in March 2020
• Median list price per square foot: $95 in July 2024; $65 in March 2020
• Size of a typical listed home: 1,660 sq. ft. in July 2024; 1,476 sq. ft. in March 2020

6. Vincennes, IN

• Change in median list price since start of pandemic: +101.3% (+$97,400)
• Median home list price: $193,550 in July 2024; $96,150 in March 2020
• Median list price per square foot: $119 in July 2024; $62 in March 2020
• Size of a typical listed home: 1,703 sq. ft. in July 2024; 1,630 sq. ft. in March 2020

5. Muncie, IN

• Change in median list price since start of pandemic: +105.3% (+$95,237)
• Median home list price: $185,675 in July 2024; $90,438 in March 2020
• Median list price per square foot: $106 in July 2024; $61 in March 2020
• Size of a typical listed home: 1,794 sq. ft. in July 2024; 1,487 sq. ft. in March 2020

4. Decatur, IN

• Change in median list price since start of pandemic: +107.0% (+$136,749)
• Median home list price: $264,499 in July 2024; $127,750 in March 2020
• Median list price per square foot: $163 in July 2024; $76 in March 2020
• Size of a typical listed home: 1,736 sq. ft. in July 2024; 1,756 sq. ft. in March 2020

3. Bluffton, IN

• Change in median list price since start of pandemic: +139.4% (+$182,950)
• Median home list price: $314,200 in July 2024; $131,250 in March 2020
• Median list price per square foot: $146 in July 2024; $82 in March 2020
• Size of a typical listed home: 1,912 sq. ft. in July 2024; 1,900 sq. ft. in March 2020

2. Connersville, IN

• Change in median list price since start of pandemic: +191.8% (+$129,775)
• Median home list price: $197,450 in July 2024; $67,675 in March 2020
• Median list price per square foot: $112 in July 2024; $53 in March 2020
• Size of a typical listed home: 1,719 sq. ft. in July 2024; 1,552 sq. ft. in March 2020

1. New Castle, IN

• Change in median list price since start of pandemic: +230.5% (+$195,950)
• Median home list price: $280,950 in July 2024; $85,000 in March 2020
• Median list price per square foot: $130 in July 2024; $54 in March 2020
• Size of a typical listed home: 1,956 sq. ft. in July 2024; 1,655 sq. ft. in March 2020

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