The story of this market
The typical home in ZIP 47588 sells for about $181,000, or $112 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 120 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $939 a month.
ZIP 47588 — Troy
The 47588 market is a very small, rural environment characterized by low transaction volume and high vacancy rates. Current pricing is driven by limited inventory rather than high demand, making it a niche market for experienced operators. Data is sparse, and market metrics should be interpreted with caution due to the small sample size.
This ZIP is best suited for local residents or budget-conscious buyers seeking rural living, as the limited market depth and lack of nearby amenities make it less attractive to commuters or investors.
Median prices moved up 2.1% year over year.
Homes spend a median of 120 days on market with 7.5 months of supply — a slower-moving market.
12% of listings have cut prices · homes sell at 96% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 1.8% · poverty 6.2% — 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 7.1%/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 2.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 47588, Spencer County IN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
The area is subject to standard regional flood and storm risks typical of southern Indiana; insurance availability remains stable but premiums are sensitive to national hazard trends.
Economic momentum is limited due to the rural nature of the ZIP; development is primarily residential with no major corporate or infrastructure projects currently reported.
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.
Commuting requires personal vehicle use for all employment access, with travel times to regional hubs like Evansville or Owensboro typically exceeding 45 minutes.
Recreational access is limited to rural outdoor activities; there are no major shopping districts or municipal parks within a 3-mile radius.
The rental market is thin with high vacancy pressure; most inventory is older single-family stock with limited institutional or short-term rental presence.
The local economy is primarily agricultural and small-scale service oriented, with no major anchor employers located within the ZIP boundaries.
No major approved or under-construction developments are reported for this ZIP.
Parcels are served by standard county-level taxing districts with no specialized utility or hospital districts reported.
Property insurance remains available but is subject to standard regional risk adjustments for wind and storm damage.
Data retrieved from US Census Bureau ZCTA 47588 profiles.
- Holiday World & Splashin' Safari4.67.4 mi
- The Patio Steak House4.510.8 mi
- League Stadium4.817 mi
- Pour Haus4.29 mi
- Holiday World & Splashin' Safari4.67.4 mi
- Lincoln State Park4.711.9 mi
- Saint Meinrad Archabbey4.76.3 mi
- Lincoln Boyhood National Memorial4.811.6 mi
- Santa Claus Museum & Village4.77.2 mi
- Lincoln Boyhood National Memorial4.811.6 mi
- Abraham Lincoln Boyhood Home and National Museum4.811.6 mi
- Santa Claus Museum & Village4.77.2 mi
- Lincoln State Park4.711.9 mi
- Lincoln Boyhood National Memorial4.811.6 mi
- Vastwood Park4.711.8 mi
- Lincoln State Park, Campground Shelter4.611.4 mi
- 18th Street Park4.711.4 mi
- Dollar General4.18.1 mi
- Kringle Place4.68.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.