Milan, IN—47031
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milan, IN
Milan, IN lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $264,000 | 5.1% |
| Single Family | $264,000 | 4.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $199,000 | 4.7% |
3 Bed | $274,000 | 4.6% |
4 Bed | $327,000 | 4.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Milan, IN
Milan, IN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milan, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Milan, IN is 41. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 13.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $306,000 | -3.0% |
Listing Count | 15 | 50.0% |
| Listings as % of Homes | 0.1% | 50.0% |
Days on Market | 41 | -9.0% |
Demographics — Milan, IN
As of the latest ACS Survey released in 2023, Milan, IN has a population of 5,180, which has decreased by -3.3% over the past 5 years. Milan, IN is a moderately popular place for families, as children make up 19.8% of the population. The area has a poorly educated workforce, with 16.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,180 | -3.3% |
% Under 18 | 19.8% | -6.6% |
% Seniors | 18.2% | -3.7% |
% WFH | 4.2% | 13.5% |
% w/ College Degree | 16.7% | 0.6% |
As of the latest ACS Survey released in 2023, Milan, IN is a predominantly white area, with 97.1% of the population identifying as white. The white population has remained stable in the last 5 years. The second most common race or ethnicity in Milan, IN is black, making up 0.5% of the population. Foreign-born residents account for 0.3% of the population in Milan, IN, and this percentage has decreased by 78.6% 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 | 97.1% | 0.0% |
% Black | 0.5% | 400.0% |
% Hispanic | 0.3% | -66.7% |
% Asian | 0.4% | 0.0% |
% Foreign Born | 0.3% | -78.6% |
Mortgage and Risk — Milan, IN
According to HUD data as of 2023, there were 163 mortgage originations in Milan, IN, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Milan, IN. Investor activity is low, as 1.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 163 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Milan, IN
Milan, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 4 |
Total Units Section 8 | 4 |
% Rentals under Section 8 | 1.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $830 |
| 2 Bedroom | N/A | N/A | $1,080 |
| 3 Bedroom | N/A | N/A | $1,490 |
| 4 Bedroom | N/A | N/A | $1,590 |
Affordability — Milan, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $264,000 |
| Median Household Income | $67,500 |