Is Gary, IN 46407 a buyer’s or seller’s market?

The Gary housing market right now

In the three months ending August 31, 2026, 9% of homes in Gary, IN 46407 sold above their list price, the typical home went under contract in 70 days and there were 5.1 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 34 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 13%, homes sold more slowly (59 days then) and the median sale price fell 13% to $64,972. Overall, Gary is less competitive than a year ago, which gives buyers more room.

Within Lake County, homes here sell more slowly than in 96% of the county’s ZIP codes, and sell less often over asking than in 96%. On our competition score, Gary ranks #304 of 306 IN ZIP codes with enough sales (score 13 out of 100).

Nearby, buyers who want less competition could look at Gary 46402 (5% sold over asking), while Hammond 46327 (53% sold over asking) and Hammond 46324 (39% sold over asking) are even more competitive.