The story of this market
The typical home in ZIP 47385 sells for about $214,000, or $118 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $739 a month.
ZIP 47385 — Spiceland
The Spiceland housing market remains affordable and stable, driven by steady demand for entry-level homes. While inventory is limited, the market maintains a balanced pace with consistent interest from local buyers.
This ZIP is best suited for budget-conscious family buyers and commuters seeking a quiet, rural-adjacent lifestyle with proximity to regional employment hubs.
Median prices moved up 2.1% year over year.
Homes spend a median of 45 days on market with 3.2 months of supply — a fast-moving market.
9% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.2% · poverty 13.8% — 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 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 47385, Henry 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.
Crime rates in the Spiceland area remain low relative to state averages, with property crime being the primary concern for local law enforcement.
Schools serving the area are part of the Henry County school system, generally characterized by stable performance and community-focused programming.
The area faces standard Midwestern climate risks, including seasonal severe thunderstorms and occasional high-wind events; flood risk is localized to specific low-lying drainage areas.
Economic momentum is modest, with the area serving primarily as a residential base for commuters working in the broader New Castle and Indianapolis metro corridors.
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.
Residents primarily rely on personal vehicles for commuting, with access to I-70 providing a direct route toward the Indianapolis employment core.
Local recreation includes small community parks and access to rural trails, with larger shopping and dining amenities located within a 15-minute drive in New Castle.
The rental market is characterized by steady demand for affordable housing, though vacancy pressure remains sensitive to local employment fluctuations.
The local economy is anchored by manufacturing, agriculture, and regional logistics, with significant employment ties to the New Castle metro area.
Transportation is dominated by highway access via I-70 and local state roads, with limited public transit options available.
Development is currently focused on small-scale residential infill and maintenance of existing infrastructure.
The Henry County Assessor manages property valuations based on annual market adjustments and state-mandated assessment cycles.
Parcels are subject to local school district levies and county-wide emergency service and library district taxes.
Property insurance premiums are stable, though coverage for wind and hail damage remains a standard consideration for homeowners in the region.
Data retrieved from US Census Bureau ZCTA profiles.
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.
Local green space providing recreational facilities for residents.
Regional park offering extensive trails and sports facilities nearby.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.