Market Overview
Home Prices in Monterey, IN
The median home value in Monterey, IN is $173,360 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 1.4% compared to a year ago and up 3.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Monterey are priced58% below average.
Over the past five years, Monterey home values have risen by approximately39.5%, reflecting strong long-term appreciation in this market.
Price History
Monterey Home Price Trend
2020
$105,501
$106K
—
2021
$124,284
$124K
+17.8%
2022
$142,674
$143K
+14.8%
2023
$151,959
$152K
+6.5%
2024
$165,309
$165K
+8.8%
2025
$171,017
$171K
+3.5%
2026
$173,360
$173K
+1.4%
City Comparison
Monterey vs. National Median
🏠 Monterey
$173,360
National Median
$410,000
At $173,360, homes in Monterey cost 58% below the national median of $410,000. This makes Monterey a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Monterey?
20% Down Payment
$34,672
on $173,360
Monthly P&I
$904/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,148/mo
incl. taxes & insurance
Income Needed
$45,920
gross annual (30% rule)
10% Down Option
$17,336
+ PMI applies
Loan Amount (20% dn)
$138,688
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Monterey, IN?
The median home value in Monterey is $173,360 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 1.4% year-over-year.
How much have home prices changed in Monterey?
Over the past year, home values in Monterey have increased by 1.4%. Over five years, prices have risen approximately 39.5%.
How much do I need to earn to buy a home in Monterey?
To comfortably afford the median home price of $173,360 with a 20% down payment ($34,672) at today's rates (6.8%), you'd need a gross annual income of approximately $45,920. This assumes keeping total housing costs at or below 30% of gross income.
How does Monterey compare to the national average home price?
The national median home value is approximately $410,000. At $173,360, homes in Monterey are 58% below the national average.