The story of this market
The typical home in ZIP 47038 sells for about $149,000, or $209 per square foot.
Prices are down 15.1% from a year ago, which gives buyers more room to negotiate. Homes take about 95 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $720 a month.
ZIP 47038 — Patriot
The housing market in 47038 is experiencing significant downward pressure with a 15.1% year-over-year decline in median sale prices. Low transaction volume and limited inventory suggest a stagnant market environment that is struggling to attract buyers compared to broader regional trends.
This ZIP is primarily suited for local residents or those seeking a low-cost rural lifestyle, as the market lacks the infrastructure and economic momentum to attract typical commuter or investor profiles.
Median prices moved down 15.1% year over year.
Homes spend a median of 95 days on market with 1.0 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 13.7% · poverty 29.1% — elevated distress and economic pressure.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 47038, Switzerland County, Indiana
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Indiana) — Ad Valorem Property Assessment: Property is assessed at 100% of true tax value, determined by market-based assessment systems and annual adjustments. State (Indiana) — Standard Homestead Deduction: Removes the first $45,000 of the homestead's assessed value from taxation. State (Indiana) — Indiana Property Tax Caps (Circuit Breaker): Limits annual property tax liability to 1% of gross assessed value for principal residences, 2% for other residential property, and 3% for non-residential property.
Patriot is a rural community with limited public transit, requiring residents to rely on personal vehicles for commutes to regional employment hubs.
The area features proximity to the Ohio River for water-based recreation and local rural park spaces.
The rental market in 47038 is characterized by limited inventory and high volatility in asking rents, with little evidence of institutional investor activity.
The local economy is primarily rural and agricultural, with limited major industrial or corporate employers within the immediate ZIP code.
Transportation is dominated by state road access along the Ohio River corridor with no significant public transit infrastructure.
There are no major large-scale commercial or residential developments currently reported for this rural ZIP code.
The Switzerland County Assessor manages property valuations based on annual market adjustments and cyclical reassessments.
Parcels are subject to Switzerland County school district taxes and local municipal levies.
Property insurance in this region is influenced by flood risk associated with the Ohio River and general rural fire protection ratings.
Data retrieved from US Census Bureau ZCTA 47038 profiles.
Provides regional access for boating and fishing.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.