New Albany, Indiana Housing Market Prices
New Albany Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 117% above the Indiana median$310,205
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Median rent 1% below the Indiana median$1,047
Housing Market Overview
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $310,205 | $142,738 | $248,835 |
| Price Trend (Annual %) | 16.3% | 7.2% | 7.5% |
| Median Gross Rent | $1,047 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Albany is about 117% higher than in Indiana. Rent is about 1% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in New Albany, up about 16.3% and 4.5% a year respectively. Home prices are changing faster.
Median rent in New Albany rose about 46.8% between 2015 and 2024, from $713 to $1,047. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in New Albany.
Buying the median-priced home in New Albany costs roughly 24.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New Albany. The price-to-rent ratio in Indiana is about 11.2.
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $310,205 | $142,738 | $248,835 |
| Median Household Income | $58,187 | $71,967 | $80,455 |
| Price-to-Income Ratio | 5.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New Albany rose about 257.2%, while median household income rose about 42.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.5% | 64.4% | 58.5% |
| Rental Rate | 36.7% | 26.9% | 31.2% |
| Vacancy Rate | 9.8% | 8.8% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
New Albany has a homeownership rate of 53.5%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 9.8%, compared with 8.8% in Indiana.
Housing Stock
| Metric | New Albany | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1964 | 1975 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in New Albany was built around 1964. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
New Albany, IN Housing Compared With Nearby Cities
How New Albany, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New Albany, IN | 35,077 | $310,205 #1/2 | $1,047 #1/2 | 59.3% #1/2 |
| Louisville, KY | 236,872 | $165,712 | $1,035 | 49.0% |
Frequently Asked Questions
Common questions about the housing market in New Albany, Indiana.
What is the median home price in New Albany, Indiana?
The median home price in New Albany, Indiana is $310,205, higher than the Indiana average of $142,738.
What is the average home price in New Albany, Indiana?
The typical home price in New Albany, Indiana, reported as the median sale price, is $310,205. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in New Albany, Indiana?
The median gross rent in New Albany, Indiana is $1,047 per month, lower than the Indiana average of $1,062.
What was the median gross rent in New Albany in 2020?
In 2020, the median gross rent in New Albany, Indiana was $814 per month.
What is the price-to-rent ratio in New Albany, Indiana?
The price-to-rent ratio in New Albany, Indiana is about 24.7, meaning it would take roughly 24.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in New Albany.
Are home prices or rent rising faster in New Albany, Indiana?
Both home prices and rent are rising in New Albany, up about 16.3% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Albany, Indiana?
53.5% of households in New Albany, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in New Albany, Indiana?
The housing vacancy rate in New Albany, Indiana is 9.8%, higher than the Indiana average of 8.8%.
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