Evansville Home Prices: $201K, Up 2.8% — 9 ZIPs Analyzed (2026)
$201,293. That’s the typical home value in Evansville right now, and it’s $5,500 higher than this time last year. Prices have ticked up every single month since March 2025.
Quick answer: The average home price in Evansville, IN is $201,293 as of February 2026, up 2.8% year over year according to Zillow.
Current Home Prices in Evansville
Evansville sits well below the national median. You can still find homes under $100K in the city, and the most expensive ZIP tops out near $320K — a range that’s narrower than most metros twice its size.
| Metric | Value |
|---|---|
| Median home value | $201,293 |
| Year-over-year change | +2.8% |
| Cheapest ZIP median | $96,176 (47713) |
| Most expensive ZIP median | $319,697 (47725) |
| Spread (max − min) | $223,521 |
| ZIP codes tracked | 9 |
| Data through | February 2026 |
The 2.8% annual gain is steady but unspectacular. It outpaces the population trend (more on that below) but lags the kind of double-digit jumps seen in growth-state metros. For buyers, that’s a feature, not a bug: prices aren’t running away from wages.
The price spread tells a clearer story. The most expensive ZIP costs 3.3 times the cheapest. That’s a wide gap for a metro this size, and it means the Evansville market really is several markets stacked on top of each other. Where you buy matters more than when.
Inventory and days-on-market figures aren’t included in this dataset, but the smooth monthly price increase suggests demand has stayed roughly in balance with supply. No sudden spikes, no sudden drops.
Evansville Home Prices by Neighborhood
Nine ZIP codes report values for Evansville. Here’s the full ranking.
| ZIP Code | Median Home Value | Avg Rent (monthly) |
|---|---|---|
| 47725 | $319,697 | — |
| 47720 | $258,250 | — |
| 47708 | $234,609 | $1,603 |
| 47715 | $231,837 | $1,308 |
| 47712 | $200,818 | — |
| 47711 | $181,066 | $883 |
| 47710 | $151,942 | — |
| 47714 | $137,242 | $1,042 |
| 47713 | $96,176 | $1,051 |
Most Expensive
- 47725 — $319,697. The priciest ZIP runs about 59% above the citywide median, suggesting newer construction and larger lot sizes.
- 47720 — $258,250. Sits 28% above the city median with no rent data reported, pointing to an owner-occupied area.
- 47708 — $234,609. Downtown Evansville carries the highest rent in the city at $1,603 per month, which is unusual given it’s not the most expensive ZIP to buy.
Most Affordable
- 47713 — $96,176. The only ZIP under $100K, this area trades for less than half the city median while rents hold at $1,051 — meaning landlords here see strong yield potential.
- 47714 — $137,242. Roughly 32% below the citywide median, with rent at $1,042.
- 47710 — $151,942. About 25% below the median, no rent data reported.
Rent vs Buy in Evansville
Rent data covers five ZIPs. The numbers run from $883 (47711) to $1,603 (47708), with an unweighted average of $1,177 per month.
| ZIP | Rent | Home Value | Rent ÷ Value (annual) |
|---|---|---|---|
| 47708 | $1,603 | $234,609 | 8.2% |
| 47715 | $1,308 | $231,837 | 6.8% |
| 47713 | $1,051 | $96,176 | 13.1% |
| 47714 | $1,042 | $137,242 | 9.1% |
| 47711 | $883 | $181,065 | 5.9% |
The gross rent yield across these five ZIPs averages 8.6%, which is high. ZIP 47713 stands out at 13.1% — one of the strongest rent-to-price ratios you’ll find in any small Midwest city. That ratio is why investors look at Evansville.
For an owner-occupier, the math is closer. Buying the median Evansville home at $201,293 with 20% down ($40,259) leaves a $161,034 mortgage. At today’s typical 30-year fixed rates near 7%, principal and interest run about $1,070 per month. Add property taxes (Indiana’s effective rate is roughly 0.8%) and insurance, and total monthly carrying cost lands near $1,300-$1,400.
That puts owning roughly $150-$250 above the average rent. If you plan to stay five years or more, the gap closes fast as the principal pays down and the home appreciates at the current 2.8% pace.
Population Growth and Migration
Evansville is losing residents. The city had 117,377 people in 2020 and 115,395 in 2024 — a drop of 1.7% over four years. The decline has been steady, not abrupt.
| Year | Population |
|---|---|
| 2020 | 117,377 |
| 2021 | 116,627 |
| 2022 | 115,751 |
| 2023 | 115,421 |
| 2024 | 115,395 |
The pace is slowing. The 2023-to-2024 drop was just 26 people, compared to a 750-person loss between 2020 and 2021. That’s a city stabilizing, not collapsing.
Compare it to other Indiana cities and the picture sharpens.
| City | 2024 Pop | 4-Yr Growth |
|---|---|---|
| Noblesville | 75,239 | +7.2% |
| Greenwood | 68,175 | +6.6% |
| Fishers | 103,986 | +4.5% |
| Carmel | 103,606 | +3.7% |
| Fort Wayne | 273,203 | +3.3% |
| Evansville | 115,395 | −1.7% |
Indianapolis-area suburbs are pulling residents from the rest of the state. Evansville is on the losing side of that pull. Yet home prices are still rising 2.8% annually — meaning supply is tight enough that even modest demand keeps values climbing. That’s a fragile setup. If outflows accelerate, price gains could stall.
Evansville Housing Market Trends
Twelve months of data, twelve consecutive monthly price increases.
| Month | Median Value |
|---|---|
| Mar 2025 | $195,797 |
| Apr 2025 | $196,041 |
| May 2025 | $196,363 |
| Jun 2025 | $196,742 |
| Jul 2025 | $197,277 |
| Aug 2025 | $197,784 |
| Sep 2025 | $198,432 |
| Oct 2025 | $199,031 |
| Nov 2025 | $199,549 |
| Dec 2025 | $199,982 |
| Jan 2026 | $200,501 |
| Feb 2026 | $201,293 |
The average monthly gain is about $500. Recent months have been slightly faster — December to January added $519, January to February added $792. Momentum is picking up at the front of 2026, not slowing.
The price floor (cheapest ZIP) has bounced between $93K and $97K all year. The ceiling (most expensive ZIP) climbed from $311K in March to $320K in February — a 2.7% gain that tracks the citywide average. Both ends of the market moved together.
Is Evansville a Good Place to Buy in 2026?
The data points to a mild seller’s market. Prices have risen for 12 straight months, which doesn’t happen when supply outweighs demand. But the gains are small enough — $500 a month, on average — that buyers aren’t being priced out.
Three things stand out for buyers. One, you can still get into a sub-$100K home in 47713. Two, the rent-to-price ratios are among the best in any small Midwest city, which limits downside if you ever rent the home out. Three, the population decline caps how far prices can run.
For sellers, the steady upward grind is friendly. There’s no sign of a peak, and the broader Indiana housing story (heavy demand around Indianapolis suburbs) provides a tailwind for the whole state’s price floor.
The risk: if Evansville’s population drop accelerates, the 2.8% annual price gain could flip to a flat or declining number quickly.
Evansville Housing Market Outlook for 2026-2027
If the current pace continues, Evansville’s median home price would cross $207,000 by August 2026 and approach $213,000 by early 2027. That assumes the recent monthly gain of roughly $500-$800 holds.
The 3-month trend (December through February) shows the increase accelerating, not slowing. Watch the spring 2026 numbers carefully. If monthly gains stay above $700, the market is heating up. If they fall back below $400, the slowdown has arrived.
The population data is the wildcard. Four years of declines haven’t dented price growth yet, but at some point demographics catch up to housing demand. A flat-to-modest price scenario is more likely than a sharp move in either direction.
Similar Markets in IN
- Indianapolis — the state capital, larger and more expensive but with the population growth Evansville lacks.
- Fort Wayne — Indiana’s second-largest city, also Midwest-priced but actually adding residents.
- Terre Haute — another western Indiana city with similar size and price profile.
- Bloomington — a college town where rental demand is stronger but entry prices are higher.
- Muncie — comparable population trajectory and a useful reference point for Evansville buyers eyeing similar Midwest markets.
Frequently Asked Questions
What is the average home price in Evansville?
The average home price in Evansville is $201,293 as of February 2026. That figure is the median across all 9 tracked ZIP codes in the city. The actual price you pay will depend heavily on which ZIP you buy in — values range from $96,176 to $319,697.
Are home prices going up or down in Evansville?
Prices are up 2.8% year over year, and they have risen every single month for the past 12 months. The pace has been steady at roughly $500 to $800 per month. There’s no sign in the recent data of the trend reversing.
Is it cheaper to rent or buy in Evansville?
Renting is slightly cheaper than buying month to month. Average rent across reporting ZIPs is about $1,177, while a typical mortgage on the $201K median home with 20% down comes to roughly $1,300 to $1,400 monthly with taxes and insurance. The buy-side advantage shows up over 5+ years through equity and modest appreciation.
What is the most affordable neighborhood in Evansville?
ZIP 47713 is the cheapest neighborhood, with a median home value of $96,176 — less than half the citywide median. It also has one of the strongest rent yields in the city at over 13% gross, making it the area where investors typically focus.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.