South Bend, IN—46628
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Bend, IN
As of Oct '25, the median home price in South Bend, IN is $162,000, with a year-over-year change of 2.8%. This indicates that home prices in South Bend, IN are increasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $162,000 | 2.8% |
| Single Family | $161,000 | 2.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $88,000 | 1.1% |
2 Bed | $91,000 | 0.0% |
3 Bed | $186,000 | 3.3% |
4 Bed | $274,000 | 3.4% |
| 5 Bed | $350,000 | 3.6% |
% of Housing Stock
Rental Trends — South Bend, IN
As of July '25, Rentcast reports the average rent in South Bend, IN is $1,290, with a year-over-year rent change of 1.6%. Per bedroom, the median rent as of July '25 in South Bend, IN is 1-bedrooms: $1,020, 2-bedrooms: $1,070, 3-bedrooms: $1,450, 4-bedrooms: $1,740. The most common rental property sizes in South Bend, IN are 2-bedroom and 3-bedroom, accounting for 46.6% and 29.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,190 | $1,290 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $844 | $1,020 |
| 2 Bed Rent | $1,070 | $1,070 |
| 3 Bed Rent | $1,300 | $1,450 |
| 4 Bed Rent | $1,380 | $1,740 |
% of Rental Stock
Property Listings — South Bend, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in South Bend, IN is 36. This is a decrease of -21.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $160,000 | 27.0% |
Listing Count | 120 | -9.0% |
| Listings as % of Homes | 0.4% | -9.0% |
Days on Market | 36 | -21.0% |
Demographics — South Bend, IN
As of the latest ACS Survey released in 2023, South Bend, IN has a population of 27,900, which has increased by 2.8% over the past 5 years. South Bend, IN is a popular place for families, as children make up 26.0% of the population. The area has a moderately educated workforce, with 26.1% 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 | 27,900 | 2.8% |
% Under 18 | 26.0% | -6.8% |
% Seniors | 14.1% | -0.7% |
% WFH | 8.9% | 169.7% |
% w/ College Degree | 26.1% | 12.5% |
As of the latest ACS Survey released in 2023, South Bend, IN is a predominantly white area, with 54.5% of the population identifying as white. The white population has shrunk by 0.9% in the last 5 years. The second most common race or ethnicity in South Bend, IN is black, making up 30.5% of the population. Foreign-born residents account for 6.7% of the population in South Bend, IN, and this percentage has increased by 6.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 54.5% | -0.9% |
% Black | 30.5% | -1.3% |
% Hispanic | 10.4% | 6.1% |
% Asian | 0.9% | -10.0% |
% Foreign Born | 6.7% | 6.3% |
Mortgage and Risk — South Bend, IN
According to HUD data as of 2023, there were 490 mortgage originations in South Bend, IN, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in South Bend, IN. Investor activity is low, as 1.0% 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 | 490 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — South Bend, IN
As of 2024, the percent of homes in South Bend, IN under the Section 8 program is 24.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In South Bend, IN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 896 |
Total Units Section 8 | 846 |
% Rentals under Section 8 | 24.1% |
% Occupied Section 8 | 89.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $96 | $844 | $940 |
| 2 Bedroom | $30 | $1,070 | $1,100 |
| 3 Bedroom | $60 | $1,300 | $1,360 |
| 4 Bedroom | $80 | $1,380 | $1,460 |
Affordability — South Bend, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $162,000 |
| Median Household Income | $56,900 |