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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Sullivan, IN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Sullivan, IN Housing Market Trends

With a population of 4,232, 1,767 total housing units (homes and apartments), and a median house value of $156,466, house prices in Sullivan are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in Sullivan, accounting for 71.30% of the city's housing units. Other types of housing that are prevalent in Sullivan include large apartment complexes or high rise apartments ( 13.86%), mobile homes or trailers ( 9.11%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.73%).

People in Sullivan primarily live in small (one, two or no bedroom) single-family detached homes. Sullivan has a mixture of owner-occupied and renter-occupied housing.

The housing in Sullivan was primarily built before 1939 ( 31.28%), making the housing stock in Sullivan some of the oldest overall in America, although there is a range of ages of homes in Sullivan. The next most important housing age is between 1940-1969 ( 29.83%), followed by between 1970-1999 ( 22.55%). There's also some housing in Sullivan built between 2000 and later ( 16.35%).

Vacant housing appears to be an issue in Sullivan. Fully 17.00% of the housing stock is classified as vacant. Left unchecked, vacant Sullivan homes and apartments can be a drag on the real estate market, holding Sullivan real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Sullivan Home Appreciation Rates

Sullivan's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Sullivan during the period has been just 5.15%, which is lower than 80% of US communities.

Appreciation rates are so strong in Sullivan that despite a nationwide downturn in the housing market, Sullivan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sullivan appreciation rates continue to be some of the highest in America, at 9.07%, which is higher than appreciation rates in 81.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sullivan. Sullivan appreciation rates in the latest quarter were at -0.96%, which equates to an annual appreciation rate of -3.79%.

Notably, Sullivan's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that Sullivan's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.

Average Home Values

Median Home Value

$156,466

Sullivan, IN Home Prices
> $1,375,000
$1,031,001 - $1,375,000
$687,001 - $1,031,000
$550,001 - $687,000
$412,001 - $550,000
$275,001 - $412,000
$138,001 - $275,000
$69,001 - $138,000
$0 - $69,000
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
3.0%
3.0%
4.4%
4.4%
10.4%
10.4%
36.9%
36.9%
35.0%
35.0%
10.2%
10.2%
0% 100.0%
% of Homes
Very Low

for Indiana

Very Low

for nation

Number of Homes And Apartments:

1,767

Sullivan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,499 / per month

Homeownership Rate

Owners
Renters
63.8%
63.8%
36.2%
36.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.0%
17.0%
83.0%
83.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.3%
16.3%
22.5%
22.5%
29.8%
29.8%
31.3%
31.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.3%
71.3%
0.0%
0.0%
5.7%
5.7%
13.9%
13.9%
9.1%
9.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
14.7%
14.7%
4.7%
4.7%
37.9%
37.9%
32.1%
32.1%
6.6%
6.6%
4.0%
4.0%
0% 100.0%
% of Homes