The story of this market
The typical home in ZIP 47031 sells for about $245,000, or $138 per square foot.
Prices are up +4.2% from a year ago, so sellers still have some momentum. Homes take about 42 days to sell. HUD's fair market rent for a two-bedroom is $1,150 a month.
ZIP 47031 — Milan
The housing market in 47031 remains stable with low inventory and modest price appreciation driven by its appeal as a rural bedroom community. Sales volume is limited by the small geographic size and low turnover, keeping the market balanced for both buyers and sellers. No major developments are currently impacting the local market trajectory.
This ZIP is best suited for families and commuters seeking a quiet, rural lifestyle with lower housing costs compared to the nearby Cincinnati metro area, while accepting longer daily commutes.
Median prices moved up 4.2% year over year.
Homes spend a median of 42 days on market with 3.1 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 3.8% · poverty 9.2% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 47031, Indiana
Crime rates in the 47031 area are generally low and consistent with rural southeastern Indiana trends, remaining well below national averages.
Schools serving this area are primarily managed by the South Dearborn Community School Corporation, which maintains a stable academic reputation within the region.
The area is subject to standard Midwestern weather risks, including seasonal severe thunderstorms and occasional flooding near low-lying creek beds; insurance premiums remain moderate.
Economic momentum is driven by proximity to the Greater Cincinnati employment corridor, with local infrastructure focused on maintaining rural connectivity to regional hubs.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Indiana) — Standard Homestead Deduction: Removes the first $45,000 of the homestead's assessed value from taxation. 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) — 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.
Commuting is primarily car-dependent, with residents typically driving 30-45 minutes to reach major employment centers in the Cincinnati metropolitan area.
The area offers access to rural outdoor amenities, including local parks and proximity to the Ohio River for boating and fishing, with limited immediate commercial shopping.
The rental market is limited in depth, characterized by low turnover and a lack of large-scale apartment complexes, with most inventory consisting of single-family home rentals.
The local economy is largely supported by regional manufacturing, agriculture, and service-sector jobs, with many residents commuting to the Cincinnati metro area for professional employment.
Public transit is non-existent; the area relies entirely on private vehicle transportation via state highways.
There are no major large-scale commercial or residential developments currently approved or under construction within this ZIP code.
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Parcels are subject to local school district taxes and standard county-level service assessments.
Property insurance remains stable, though premiums are sensitive to regional severe weather patterns common in the Ohio Valley.
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Data retrieved from data.census.gov ZCTA 47031 profile.
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. Source: NCES EDGE public school locations 2023-24.
Provides local fishing and recreational access points.
Local green space serving the immediate community.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.