New Albany, IN—47150
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Albany, IN
As of Oct '25, the median home price in New Albany, IN is $227,000, with a year-over-year change of 3.2%. This indicates that home prices in New Albany, IN are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $227,000 | 3.3% |
| Single Family | $227,000 | 3.2% |
| Condos | $220,000 | -4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $113,000 | 1.8% |
2 Bed | $165,000 | 4.4% |
3 Bed | $236,000 | 3.1% |
4 Bed | $318,000 | 2.6% |
| 5 Bed | $390,000 | 1.6% |
% of Housing Stock
Rental Trends — New Albany, IN
As of July '25, Rentcast reports the average rent in New Albany, IN is $1,140, with a year-over-year rent change of -3.4%. Per bedroom, the median rent as of July '25 in New Albany, IN is studios: $838, 1-bedrooms: $907, 2-bedrooms: $1,160, 3-bedrooms: $1,480, 4-bedrooms: $1,810. The most common rental property sizes in New Albany, IN are 2-bedroom and 1-bedroom, accounting for 53.0% and 24.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,050 | $1,140 |
| Studio Rent | $820 | $838 |
| 1 Bed Rent | $850 | $907 |
| 2 Bed Rent | $1,120 | $1,160 |
| 3 Bed Rent | $1,400 | $1,480 |
| 4 Bed Rent | $1,700 | $1,810 |
% of Rental Stock
Property Listings — New Albany, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in New Albany, IN is 38. This is a increase of 8.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $262,000 | 9.0% |
Listing Count | 203 | 54.0% |
| Listings as % of Homes | 0.3% | 54.0% |
Days on Market | 38 | 8.0% |
Demographics — New Albany, IN
As of the latest ACS Survey released in 2023, New Albany, IN has a population of 49,600, which has increased by 3.7% over the past 5 years. New Albany, IN is a moderately popular place for families, as children make up 20.7% of the population. The area has a moderately educated workforce, with 26.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 49,600 | 3.7% |
% Under 18 | 20.7% | -2.8% |
% Seniors | 18.2% | 15.2% |
% WFH | 11.5% | 259.4% |
% w/ College Degree | 26.5% | 7.3% |
As of the latest ACS Survey released in 2023, New Albany, IN is a predominantly white area, with 81.8% of the population identifying as white. The white population has shrunk by 1.9% in the last 5 years. The second most common race or ethnicity in New Albany, IN is black, making up 7.6% of the population. Foreign-born residents account for 3.1% of the population in New Albany, IN, and this percentage has increased by 19.2% 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 | 81.8% | -1.9% |
% Black | 7.6% | -8.4% |
% Hispanic | 4.6% | 4.5% |
% Asian | 1.5% | 36.4% |
% Foreign Born | 3.1% | 19.2% |
Mortgage and Risk — New Albany, IN
According to HUD data as of 2023, there were 1099 mortgage originations in New Albany, IN, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in New Albany, IN. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,099 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — New Albany, IN
As of 2024, the percent of homes in New Albany, IN under the Section 8 program is 14.8%. 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. In New Albany, 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 | 1,676 |
Total Units Section 8 | 1,136 |
% Rentals under Section 8 | 14.8% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $850 | $1,040 |
| 2 Bedroom | $150 | $1,120 | $1,270 |
| 3 Bedroom | $240 | $1,400 | $1,640 |
| 4 Bedroom | $200 | $1,700 | $1,900 |
Affordability — New Albany, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $227,000 |
| Median Household Income | $62,200 |