Rankings/Evansville, IN

Evansville, IN

NeutralTier 1CBSA 21780Compare

Risk Rank: #55 of 287Month: 2025-12Score change (12m):↑ +7

58score

Composite risk percentile vs 287 metros (higher = higher risk)

Cycle Phase

Evansville experienced a market correction from late 2025 through late 2025. Elevated inventory persists, suggesting the market hasn't fully normalized.

Recovery

Expansion

Hypersupply

Recession

In Hypersupply for 2 months·Previously: Hypersupply

Building activity may be outpacing demand absorption

Recovery

Expansion

Hypersupply

Recession

Evansville's housing market shows average risk, ranking 55th of 287 metros. The market recently entered Hypersupply. Inventory levels are elevated, warranting monitoring.

Executive Summary

Risk is Neutral, driven primarily by price momentum and migration. The market is in Hypersupply phase. Liquidity is watch and valuation is balanced.

Top Risk Drivers (This Month)

Price Momentum

p86 (elevated risk)

12-month HPI change

Migration

p69 (moderate)

Net AGI migration (risk inverted)

Employment

p62 (moderate)

12-month employment change (risk inverted)

Market Signals

Inventory is elevated (+28% YoY) and days on market are up +9% — supply is building but not yet at stress levels.

Liquidity

Watch↑

Active Listings YoY

+28.3%p78

Days on Market YoY

+8.6%p65

Months in status1

Data through Dec 2025

Valuation

Balanced↑

Rent vs. Price Growth

+2.5%p90

Months in status39

Data through Dec 2025Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Factor Breakdown

Price Momentum86

12-month HPI change — higher = overheating

Permit Growth51

YoY permit change — higher = supply pressure

Permits per Capita38

Permits per 1,000 residents — higher = overbuilding risk

Affordability40

Mortgage payment / income — higher = more burdened

Employment62

12-month employment change (risk inverted)

Migration69

Net AGI migration (risk inverted)

Underlying Values

Metric	Value	Pctile
Price Momentum	+4.8%	p86
Permit Growth	-1.9%	p51
Permits/1K Pop	3.08	p38
Affordability	0.27	p40
Employment	+0.0%	p62
Net AGI Migration	-$18K	p69

National ContextDoes not affect score

Credit Conditions

Credit Regime

Stable—

Oversupply with deteriorating transactions and no credit excuse. Supply-driven correction risk is elevated.

Bank Lending Standards

-5.7Normal

Rate Change (YoY)

-74 bpsNormal

Mortgage Risk Premium

+189 bpsElevated

Stable for 8 quartersData through 2026-Q1

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.91High

Completion-Permit Divergence

-3.2 ppNormal

Accumulating for 3 quartersData through 2025-Q4

Local SignalsDoes not affect score

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

-1.9%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Permit activity is typical but demand is softening. Price pressure is forming on the demand side — this is not a supply problem.

Liquidity

Watch↑

Active Listings YoY+28.3%

Days on Market YoY+8.6%

AssessmentInventory building

Watch for 1 monthData through Dec 2025

Internal Structure

Evansville's 3 counties show moderate divergence — Warrick County carries the most risk (Elevated) while Posey County anchors the lower end.

Moderate13.9Limited data

3 of 3 counties scored

Evansville, IN shows Moderate internal divergence — some counties diverge meaningfully from the metro picture. Warrick County contributes the most structural risk (Elevated, driven by price momentum), while Posey County anchors the lower end (Below Average).

Within-metro factor percentiles (0 = lowest risk, 100 = highest risk)

County	Score ▼	Band	Pop %	Price	Permits	Afford
Warrick CountyRisk Driver	67	Elevated	33.3%	100	50	50
Vanderburgh County	50	Average	33.3%	50	0	100
Posey CountyStabilizer	33	Below Average	33.3%	0	100	0

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-11	Hyp	53	80	17	39	82	68
2025-10	Ress	48	69	17	39	65	68
2025-08	Ress	48	77	17	39	52	68
2025-07	Hyp	47	78	17	39	50	68
2025-06	Rec	51	91	17	40	60	68
2025-05	Hyp	48	92	17	40	41	68
2025-03	Hyp	45	49	17	36	69	68
2025-02	Rec	46	50	17	36	74	68
2024-12	Hyp	51	76	17	39	76	68
2024-10	Hyp	48	67	17	39	63	68
2024-07	Ress	44	33	17	37	74	68
2024-05	Ress	45	29	17	36	89	68
2024-02	Ress	46	38	17	35	88	68
2024-01	Hyp	47	43	17	35	86	68
2023-12	Exp	48	54	17	35	80	68
2023-11	Hyp	48	53	17	35	82	68
2023-10	Exp	48	54	17	35	85	68
2023-08	Rec	50	63	17	37	81	68
2023-06	Rec	47	53	17	35	79	68
2023-05	Hyp	48	57	17	35	81	68
2023-03	Ress	43	39	17	34	69	68
2023-01	Ress	43	33	17	34	76	68
2022-10	Ress	41	28	17	32	69	68
2022-09	Rec	42	31	17	34	68	68
2022-07	Hyp	44	34	17	35	77	68
2022-05	Hyp	38	14	17	34	65	68
2022-04	Exp	37	12	17	34	60	68
2022-02	Exp	45	27	17	38	86	68
2022-01	Rec	47	33	17	38	92	68
2021-11	Rec	43	34	17	34	85	56
2021-10	Exp	43	35	17	34	85	56
2021-08	Exp	43	38	17	33	81	56
2021-05	Exp	44	56	17	37	64	56
2021-04	Rec	38	49	17	37	36	56
2021-02	Rec	35	30	17	36	39	56
2021-01	Exp	35	31	17	36	39	56
2020-11	Exp	36	38	17	38	42	53
2020-10	Rec	38	42	17	38	48	53
2020-08	Rec	34	9	17	37	56	53
2020-05	Rec	38	23	17	41	61	53
2020-02	Rec	47	42	17	41	98	53
2019-11	Exp	42	25	17	39	96	47
2019-09	Exp	52	81	17	44	95	47
2019-08	Rec	51	82	17	44	86	47
2019-06	Rec	44	55	17	42	75	47
2019-05	Exp	45	51	17	42	82	47
2019-03	Exp	36	45	17	42	32	47
2019-01	Exp	37	42	17	42	41	47

Data Vintages

Price (HPI)2025-Q3

Permits2025-12

Income2024

Employment2025-12

Migration2022