The story of this market
The typical home in ZIP 47720 sells for about $219,000, or $145 per square foot.
Prices are down 10.2% from a year ago, which gives buyers more room to negotiate. Homes take about 51 days to sell. HUD's fair market rent for a two-bedroom is $1,042 a month.
ZIP 47720 — Evansville
The 47720 housing market is currently experiencing a period of price adjustment, with year-over-year median prices showing a decline of 10.2%. Inventory remains limited at 69 active listings, and the market is moving at a moderate pace with a median of 51 days on market. These conditions reflect a broader cooling trend in the Evansville area, driven by shifting buyer demand and economic factors.
This ZIP is well-suited for family buyers and those seeking a suburban lifestyle on the west side of Evansville, offering a mix of established homes and new construction with access to local amenities.
Median prices moved down 10.2% year over year.
Homes spend a median of 51 days on market with 3.2 months of supply — a fast-moving market.
12% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.3% · poverty 7.7% — a stable, low-distress profile.
versus the prior ACS vintage
ZCTA 47720, Vanderburgh County, IN
The area is subject to standard Midwestern climate risks including seasonal precipitation and occasional severe weather; insurance posture is generally stable but sensitive to regional storm activity.
Development is characterized by residential expansion on the west side of Evansville, with new construction projects like Grandin Pointe adding to the local housing stock.
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.
Residents primarily rely on personal vehicles for commuting, with access to major local corridors providing connectivity to the Evansville employment core.
The area features access to local parks and green spaces, with proximity to the amenities of Evansville's west side including shopping and dining districts.
The rental market is characterized by moderate demand with a median rent of $1,200; vacancy pressure remains low, reflecting the area's stable residential nature.
The local economy is anchored by the broader Evansville market, which includes sectors such as healthcare, manufacturing, and education.
Transportation is primarily highway-based, with infrastructure supporting regional connectivity to the Evansville metropolitan area.
Development is focused on residential growth, particularly in the western portions of the ZIP code.
Vanderburgh County utilizes a standard assessment regime for property valuation based on market value.
Parcels are subject to standard municipal and county taxing districts, including school and utility service areas.
Property insurance markets are stable, reflecting typical regional risk profiles for Indiana.
Data retrieved from US Census Bureau ZCTA profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Provides local retail and dining options for residents.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.