ZIP Code Market Report
47531 — Evanston, IN
Data through February 2026 · Updated monthly
Avg Home Value
$267,396
▲ 3.3% year-over-year
Month-over-Month
+0.3%
▲ 0.3%
Single Family
$263,849
Condo / Co-op
--
The average home value in the 47531 ZIP code (Evanston, INDIANA) is $267,396 as of February 2026. Home prices are rising, up 3.3% compared to last year.
A 3-bedroom home in 47531 is valued at $278,325.
The market in 47531 has a $265,273 spread between bottom-tier homes at $156,043 and top-tier homes at $421,316. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Spencer County market area in INDIANA. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Spencer County report.
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Market Snapshot
47531 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $265,732 | $266,706 | $267,396 | ▲ 0.6% |
| Single Family Value | $257,697 | $260,517 | $263,849 | ▲ 2.4% |
Home Values
47531 Home Value Trend
Historical home values for ZIP code 47531. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 47531
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 3 Bedrooms | $278,325 |
Property Types
Home Values by Property Type in 47531
How different property types compare in this ZIP code.
All Homes
$267,396
Single Family
$263,849
Bottom Tier
$156,043
Top Tier
$421,316
Data Sources and Methodology
Home value data for ZIP code 47531 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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