Metro area index
Home appreciation in the South Bend-Mishawaka, IN-MI metro area
FHFA HPI® data shows the South Bend-Mishawaka, IN-MI metro area's all-transactions index changed +6.7% over the year to Q2 2026, versus +4.6% for Indiana and +3.0% for the U.S. That ranks 46th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +6.7%
- 5-year change
- +53.8%
- Since Q1 1995
- +238%
- Metro rank (1 year)
- 46th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
South Bend-Mishawaka, IN-MI vs Indiana and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- South Bend-Mishawaka, IN-MI: 337.8
- Indiana: 319.8
- United States: 391.6
Appreciation by time window
| Window | Metro | IN | U.S. | Gap vs IN | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +6.7% | +4.6% | +3.0% | +2.1 pts | +3.7 pts |
| 3 years | +17.9% | +16.2% | +12.9% | +1.6 pts | +5.0 pts |
| 5 years | +53.8% | +46.7% | +41.3% | +7.1 pts | +12.5 pts |
| 10 years | +114% | +104% | +93.3% | +10.6 pts | +20.9 pts |
| Since Q1 1995 | +238% | +220% | +292% | +18.0 pts | −53.8 pts |
3-digit ZIP regions in the South Bend-Mishawaka, IN-MI area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 466 · South Bend, IN area | IN | +6.3% | +55.9% | +240% | 100% |
| 465 · Elkhart, IN area | IN | +6.4% | +49.4% | +235% | 26% |
| 491 · Niles, MI area | MI | +7.3% | +51.6% | +273% | 20% |
Boom, bust, and recovery in South Bend-Mishawaka, IN-MI area
South Bend-Mishawaka, IN-MI area's index peaked in Q1 2008, fell 10.4% to its low in Q1 2014, and regained its peak in Q3 2016, about 8.5 years after the top. Today it sits +113% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q1 2008 | Q1 2014 | -10.4% | Q3 2016 (8.5 yrs) | +113% |
| IN | Q1 2008 | Q2 2011 | -7.3% | Q3 2015 (7.5 yrs) | +110% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, South Bend-Mishawaka, IN-MI area's index has changed +52.6% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | IN after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +2.8% | +0.7% | -0.8% |
| 3 years | +9.8% | +7.3% | +5.8% | +2.8% |
| 5 years | +24.0% | +24.0% | +18.3% | +13.9% |
| 10 years | +39.1% | +54.0% | +46.4% | +39.0% |
| Since Q1 1995 | +121% | +52.6% | +44.5% | +76.8% |
If you bought in the South Bend-Mishawaka, IN-MI area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +238% | $1,012,661 |
| Q2 2000 | +172% | $815,590 |
| Q2 2005 | +125% | $674,591 |
| Q2 2010 | +131% | $694,422 |
| Q2 2015 | +123% | $667,877 |
| Q2 2020 | +73.9% | $521,764 |
| Q2 2021 | +53.8% | $461,294 |
| Q2 2023 | +17.8% | $353,546 |
| Q2 2025 | +6.7% | $320,170 |
Frequently asked questions
- How much have home prices risen in the South Bend-Mishawaka, IN-MI area?
- FHFA HPI® data for the South Bend-Mishawaka, IN-MI metro area shows changes of +6.7% over one year, +53.8% over five years, and +114% over ten years to Q2 2026, and +238% since Q1 1995.
- Is the South Bend-Mishawaka, IN-MI area beating the national average?
- Over the past year the metro's index moved +3.7 pts versus the U.S.; over five years the gap is +12.5 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.