Gary Home Prices & Values

$55,800 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 6.7% 1-year change
  • 0.8% 1-year forecast

The median home value in Gary is $55,800. Gary home values have gone up 6.7% over the past year and Zillow predicts they will rise 0.8% within the next year. The median list price per square foot in Gary is $29, which is lower than the Chicago Metro average of $136. The median price of homes currently listed in Gary is $36,600 while the median price of homes that sold is $35,564. The median rent price in Gary is $725, which is lower than the Chicago Metro median of $1,638.

Foreclosures will be a factor impacting home values in the next several years. In Gary 0.3 homes are foreclosed (per 10,000). This is lower than the national value of 4.4

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Gary is 8.1%, which is higher than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Gary homeowners underwater on their mortgage is 17.6%, which is lower than Chicago Metro at 27.1%.

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Relative ZHVI
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Gary Market Overview

Data through Jul 31, 2014
  • $55,800 ZHVI
  • 0.8% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Jul 31, 2015)
  • $36,600 Median listing price
  • No recent data Median sale price
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Gary Market Health

Data through Jul 31, 2014
  • 0.8/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • No data Average days on Zillow
  • 17.6% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 8.1% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)
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Nearby Cities

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Munster $203,800 Schererville $194,000 Highland $138,600
Portage $130,500 Griffith $121,500 Merrillville $112,100
Hobart $110,200 Whiting $89,800 Hammond $74,800

Listings & Sales

Data through Jul 31, 2014
  • $29 Median list price / sq ft
  • No recent data Median sale price / sq ft
  • 37.8% Listings with price cut
9.9%
Sold below listing
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Gary Rentals

Data through Jul 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$747 Gary
$1,639 Chicago Metro
$1,318 United States
  • 2.0 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2013)
  • $725 Rent list price
  • $0.75 Rent list price / sq ft
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