Evansville, Indiana Housing Market

What stands out in Evansville?

• The median asking price is $206,732: one of the cheapest of 765 tracked cities. Low entry prices help cash flow, but check what keeps them low before you buy.

Are Evansville price gains broad or limited to a few ZIP codes?

Asking price per square foot in Evansville is up 3.9% over the last year. 7 of the 8 ZIP codes with at least 10 listings rose. 47710 led at up 24.5%, and 47713 trailed at down 11.5%. Broad gains like these are harder to fade. Over five years the pace has been 6.1% a year. Underwrite closer to that than to the last twelve months.

Is now a good time to buy in Evansville?

The median asking price is 19.6% below its Jul 2023 peak. Per square foot the gap is smaller: 7.0% below the Jul 2025 high. Part of the drop is smaller homes coming to market. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house. Evansville prices have risen in 86 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

How does Evansville compare with other Indiana markets?

Ranked among the 16 Indiana markets we track:

• Asking price: 6th cheapest of 16. Evansville is at $206,732. Closest: Terre Haute and South Bend.
• Time on market: 5th longest time on market of 16. Evansville is at a median of 55 days on market. Closest: Kokomo and Greenwood.
• Price cuts: 8th most price cuts of 16. Evansville is at 26% of sellers cutting. Closest: Muncie and Columbus.

What is the fair market rent in Evansville?

HUD sets one fair market rent for Vanderburgh County. For fiscal year 2026:

• 1 bedroom: $860 a month. Up 5% on last year, up 48% since FY2016.
• 2 bedrooms: $1,113 a month. Up 6% on last year, up 48% since FY2016.
• 3 bedrooms: $1,370 a month. Up 5% on last year, up 47% since FY2016.
• 4 bedrooms: $1,539 a month. Up 4% on last year, up 49% since FY2016.

The figures include tenant-paid utilities and apply to all of Vanderburgh County, so one home's rent can sit well above or below them. See fair market rent by city.

When do Evansville prices dip?

Across 9 full years, Evansville asking prices ran lowest in January, about 7.9% below the year's average. They peaked in July. The most homes for sale show up in October, about 20% above the yearly average. Shop in October for choice, and expect the softest asking prices in January.

What numbers should you underwrite an Evansville deal with?

• Price growth to assume — +6.1%/yr. Evansville has grown about 6.1% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 3.9% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 4. 26% of Evansville listings have cut their asking price. Underwrite your exit below asking.
• Competition when you exit — +5%. Homes for sale in Evansville are up 5% on last year, so your resale faces more competition than today's comps did.

Read when a cheap market is a warning and how we read these numbers, then run the numbers on a deal.

What is the median home price in Evansville?

The median asking price in Evansville is about $207,000 as of Sep 2026, down 1.7% from a year ago. Asking price per square foot is up 3.9%, so read the median with care: it moves with which homes happen to be listed. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Evansville figures cover the 31 ZIP codes with an Evansville mailing address, which can reach past city limits.

Is Evansville a buyer's or seller's market in 2026?

Neither side has the upper hand in Evansville right now. We compare Evansville with 2017–2019 at this time of year: there are 11% fewer homes for sale; the typical listing has been up 10% fewer days; 26% of sellers have cut their price, against 26% then.

Are Evansville home prices going up or down?

The median asking price is 19.6% below its Jul 2023 peak. Per square foot the gap is smaller: 7.0% below the Jul 2025 high. Part of the drop is smaller homes coming to market. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house.

What rent can Evansville tenants afford?

At 30% of income, a tenant on the median income can pay about $1,623 a month. The median Evansville household earns $64,931 a year.

Which Evansville ZIP code has the most negotiating room?

47714. 28% of sellers there have cut their price, and the typical listing has been up 64 days.

What price growth should I assume for Evansville?

Assume +6.1% a year. Evansville has grown about 6.1% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 3.9% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Evansville?

HUD's fiscal year 2026 fair market rent for Vanderburgh County is $1,113 a month for 2 bedrooms and $1,370 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.