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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



New Albany, 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 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Albany, IN Housing Market Trends

With 37,506 people, 15,906 houses or apartments, and a median cost of homes of $235,852, house prices in New Albany are solidly below the national average.

Single-family detached homes are the single most common housing type in New Albany, accounting for 63.69% of the city's housing units. Other types of housing that are prevalent in New Albany include large apartment complexes or high rise apartments ( 20.62%), duplexes, homes converted to apartments or other small apartment buildings ( 7.75%), and a few row houses and other attached homes ( 5.22%).

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

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. New Albany's housing was primarily built during this period, from the '40s through the '60s. A full 35.63% of the city's housing hails from this era. Other housing ages represented in New Albany include homes built between 1970-1999 ( 27.99%) and housing constructed before 1939 ( 25.99%). There's also some housing in New Albany built between 2000 and later ( 10.39%).

Vacant housing appears to be an issue in New Albany. Fully 13.14% of the housing stock is classified as vacant. Left unchecked, vacant New Albany homes and apartments can be a drag on the real estate market, holding New Albany 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.

New Albany Home Appreciation Rates

Appreciation rates for homes in New Albany have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.75%, which ranks in the top 50% nationwide. This equates to an annual average New Albany house appreciation rate of 6.89%.

Over the last year, New Albany appreciation rates have trailed the rest of the nation. In the last twelve months, New Albany's appreciation rate has been 4.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Albany were at 0.92%, which equates to an annual appreciation rate of 3.75%.

Relative to Indiana, our data show that New Albany's latest annual appreciation rate is lower than 60% 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 New Albany differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Albany - 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 New Albany real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$235,852

New Albany, IN Home Prices
> $1,337,000
$1,002,001 - $1,337,000
$668,001 - $1,002,000
$535,001 - $668,000
$401,001 - $535,000
$267,001 - $401,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
0.3%
0.3%
0.1%
0.1%
0.8%
0.8%
0.3%
0.3%
7.5%
7.5%
20.1%
20.1%
52.2%
52.2%
13.8%
13.8%
4.8%
4.8%
0% 100.0%
% of Homes
Average

for Indiana

Average

for nation

Number of Homes And Apartments:

15,906

New Albany Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,614 / per month

Homeownership Rate

Owners
Renters
55.5%
55.5%
44.5%
44.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.1%
13.1%
86.9%
86.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.4%
10.4%
28.0%
28.0%
35.6%
35.6%
26.0%
26.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.7%
63.7%
5.2%
5.2%
7.7%
7.7%
20.6%
20.6%
2.7%
2.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
13.1%
13.1%
35.4%
35.4%
36.7%
36.7%
12.2%
12.2%
1.5%
1.5%
0% 100.0%
% of Homes