Downtown South Bend, Fort Wayne, IN—46802
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Downtown South Bend, Fort Wayne, IN
As of Oct '25, the median home price in Downtown South Bend, Fort Wayne, IN is $132,000, with a year-over-year change of 1.4%. This indicates that home prices in Downtown South Bend, Fort Wayne, IN are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $132,000 | 1.4% |
| Single Family | $126,000 | 1.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $123,000 | 0.0% |
2 Bed | $104,000 | 2.0% |
3 Bed | $130,000 | 0.8% |
4 Bed | $172,000 | 0.0% |
| 5 Bed | $315,000 | 1.9% |
% of Housing Stock
Rental Trends — Downtown South Bend, Fort Wayne, IN
As of July '25, Rentcast reports the average rent in Downtown South Bend, Fort Wayne, IN is $1,350, with a year-over-year rent change of 29.8%. Per bedroom, the median rent as of July '25 in Downtown South Bend, Fort Wayne, IN is studios: $649, 1-bedrooms: $1,150, 2-bedrooms: $1,510, 3-bedrooms: $1,760, 4-bedrooms: $1,350. The most common rental property sizes in Downtown South Bend, Fort Wayne, IN are 1-bedroom and 2-bedroom, accounting for 46.9% and 24.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,350 |
| Studio Rent | $625 | $649 |
| 1 Bed Rent | $895 | $1,150 |
| 2 Bed Rent | $1,400 | $1,510 |
| 3 Bed Rent | $1,700 | $1,760 |
| 4 Bed Rent | $1,350 | $1,350 |
% of Rental Stock
Property Listings — Downtown South Bend, Fort Wayne, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Downtown South Bend, Fort Wayne, IN is 86. This is a increase of 14.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 61.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $302,000 | 10.0% |
Listing Count | 56 | 10.0% |
| Listings as % of Homes | 0.3% | 10.0% |
Days on Market | 86 | 14.0% |
Demographics — Downtown South Bend, Fort Wayne, IN
As of the latest ACS Survey released in 2023, Downtown South Bend, Fort Wayne, IN has a population of 10,400, which has increased by 1.2% over the past 5 years. Downtown South Bend, Fort Wayne, IN is a moderately popular place for families, as children make up 19.1% of the population. The area has a poorly educated workforce, with 23.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,400 | 1.2% |
% Under 18 | 19.1% | -8.2% |
% Seniors | 8.5% | -17.5% |
% WFH | 8.9% | 81.6% |
% w/ College Degree | 23.5% | -3.3% |
As of the latest ACS Survey released in 2023, Downtown South Bend, Fort Wayne, IN is a predominantly white area, with 63.7% of the population identifying as white. The white population has grown by 8.9% in the last 5 years. The second most common race or ethnicity in Downtown South Bend, Fort Wayne, IN is black, making up 16.4% of the population. Foreign-born residents account for 6.1% of the population in Downtown South Bend, Fort Wayne, IN, and this percentage has decreased by 26.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 63.7% | 8.9% |
% Black | 16.4% | -4.7% |
% Hispanic | 13.8% | -15.3% |
% Asian | 1.5% | -34.8% |
% Foreign Born | 6.1% | -26.5% |
Mortgage and Risk — Downtown South Bend, Fort Wayne, IN
According to HUD data as of 2023, there were 153 mortgage originations in Downtown South Bend, Fort Wayne, IN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Downtown South Bend, Fort Wayne, IN. Investor activity is low, as 2.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 153 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Downtown South Bend, Fort Wayne, IN
As of 2024, the percent of homes in Downtown South Bend, Fort Wayne, IN under the Section 8 program is 8.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Downtown South Bend, Fort Wayne, IN, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 441 |
Total Units Section 8 | 323 |
% Rentals under Section 8 | 8.6% |
% Occupied Section 8 | 90.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$5 | $895 | $890 |
| 2 Bedroom | -$320 | $1,400 | $1,080 |
| 3 Bedroom | -$340 | $1,700 | $1,360 |
| 4 Bedroom | $120 | $1,350 | $1,470 |
Affordability — Downtown South Bend, Fort Wayne, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $132,000 |
| Median Household Income | $40,900 |