Garrett, IN—46738
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Garrett, IN
As of Oct '25, the median home price in Garrett, IN is $197,000, with a year-over-year change of 5.9%. This indicates that home prices in Garrett, IN are increasing. According to Zillow, the 1-year price projection is 3.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $197,000 | 5.9% |
| Single Family | $198,000 | 5.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $151,000 | 7.1% |
3 Bed | $203,000 | 5.7% |
4 Bed | $238,000 | 4.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Garrett, IN
As of July '25, Rentcast reports the average rent in Garrett, IN is $862, with a year-over-year rent change of -3.5%. Per bedroom, the median rent as of July '25 in Garrett, IN is 1-bedrooms: $775, 2-bedrooms: $950. The most common rental property sizes in Garrett, IN are 2-bedroom and 3-bedroom, accounting for 42.7% and 34.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $775 | $862 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $775 | $775 |
| 2 Bed Rent | $950 | $950 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Garrett, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Garrett, IN is 42. This is a increase of 18.0% 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 45.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $256,000 | 14.0% |
Listing Count | 31 | 24.0% |
| Listings as % of Homes | 0.4% | 24.0% |
Days on Market | 42 | 18.0% |
Demographics — Garrett, IN
As of the latest ACS Survey released in 2023, Garrett, IN has a population of 8,460, which has remained stable by -1.0% over the past 5 years. Garrett, IN is a moderately popular place for families, as children make up 23.8% of the population. The area has a poorly educated workforce, with 17.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,460 | -1.0% |
% Under 18 | 23.8% | -9.8% |
% Seniors | 17.8% | 20.3% |
% WFH | 4.6% | 119.0% |
% w/ College Degree | 17.0% | 19.7% |
As of the latest ACS Survey released in 2023, Garrett, IN is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Garrett, IN is hispanic, making up 3.5% of the population. Foreign-born residents account for 2.2% of the population in Garrett, IN, and this percentage has increased by 120.0% 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 | 90.7% | -4.4% |
% Black | 0.7% | 250.0% |
% Hispanic | 3.5% | 6.1% |
% Asian | 1.1% | 1,000.0% |
% Foreign Born | 2.2% | 120.0% |
Mortgage and Risk — Garrett, IN
According to HUD data as of 2023, there were 193 mortgage originations in Garrett, IN, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Garrett, IN. Investor activity is low, as 4.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 193 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Garrett, IN
Garrett, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 12 |
Total Units Section 8 | 12 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$55 | $775 | $720 |
| 2 Bedroom | -$10 | $950 | $940 |
| 3 Bedroom | N/A | N/A | $1,180 |
| 4 Bedroom | N/A | N/A | $1,250 |
Affordability — Garrett, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $197,000 |
| Median Household Income | $62,200 |