Is Milan, IN 47031 a buyer’s or seller’s market?
Milan is a seller’s market. With about 1.7 months of supply and 23% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 70% of U.S. ZIP codes, and #63 of 306 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Milan housing market right now
In the three months ending August 31, 2026, 23% of homes in Milan, IN 47031 sold above their list price, the typical home went under contract in 14 days and there were 1.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 23 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 13%, homes sold faster (29 days then) and the median sale price rose 19% to $285,876. Overall, Milan is more competitive than a year ago, so tougher for buyers.
Within Ripley County, homes here sell faster than in any other ZIP code in the county, and sell more often over asking than in 80%. On our competition score, Milan ranks #63 of 306 IN ZIP codes with enough sales (score 66 out of 100).
Nearby, buyers who want less competition could look at Holton 47023 (0% sold over asking) or Cross Plains 47017 (0% sold over asking), while Versailles 47042 (44% sold over asking) is even more competitive.
Run the numbers for 47031
Nearby markets
Batesville 47006Seller’s market $136 /sq ftCross Plains 47017 $183 /sq ftHolton 47023Buyer’s market $196 /sq ftOsgood 47037Seller’s market $130 /sq ft Browse all markets →Towns like Milan nearby
Find towns like Milan in other states →Where Milan is
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Questions about Milan real estate
Is Milan a buyer’s or seller’s market?
A seller’s market: there were 1.7 months of supply in Milan, IN 47031 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Milan?
The typical home went under contract in 14 days in the latest three months.
Do homes in Milan sell over asking?
23% of homes sold above their original list price, and the typical sale closed at 98.7% of the list price.
What are property taxes in Milan?
About 0.56% of a home’s value a year in Ripley County, or roughly $2,240 on a $400,000 home.
What is the median home price in Milan?
The median sale price was $285,876 in the three months ending August 31, 2026, about $188 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology