What does $500K buy in Indiana in February? See inside 5 homes around the state

With 2024 now in full swing, let's take another look around the state at the real estate market.

Nationally, mortgage rates are holding steady in the 6% range, down from 8% in October, but the overall inventory is still down about 4% year over year, real estate tracking site Redfin data shows.

Thanks largely to the reduced inventory, the median U.S. home sale price rose 5.1% during the first four weeks of January, according to Redfin. That jump was the biggest increase since October 2022.

In Indiana, home prices were up 3.5% in December compared to a year ago.

Here's a look around the state at what buyers in the $500,000 price range might find in various cities.

Indiana home buying:What income do Indianapolis homebuyers need to buy a home? It keeps going up.

Indianapolis

This custom-built home on Columbia Ave. is only two years old and has more than 2,600 sq ft of space.

The 3 bedroom, 2.5 bath features exposed brick, ductwork and wood beams in the kitchen and living area, along with granite countertops and a 5-burner Italian stove.

The two-story craftsman-style home with a detached garage is close to the Monon, Bottleworks and Mass Ave and is listed for $510,000.

Mooresville

Just south of Indy, this $525,000 charming rustic log cabin in Mooresville sits on more than 3 acres of land.

The 3 bedroom, 2.5 bath home comes in at just shy of 3,000 sq ft of space and combines modern amenities with the classic cabin style. A spacious porch lets you take in the surroundings outside, while a wood-burning fireplace in the living area and a large soaking tub in the bathroom keep you warm during the winter months.

Additionally, a 2-car attached garage and a newly built 3-bay garage provide plenty of storage or workshop space.

Evansville

This Charleston-style colonial home in Evansville has plenty of space and curb appeal, with more than 3,200 sq ft, 3 bedrooms and 3.5 baths.

Built in 2004, the brick home on 1.5 lots has four fireplaces, a large rec room, a courtyard and an attached 3-car garage.

Features like a wet bar in the living room, built-ins (including a safe) and woodwork throughout the entire home add character and function.

Terre Haute

This Terre Haute home offers unique architecture and the chance for country club living.

Listed for $500,000, this home on the 14th hole of The Country Club of Terre Haute Golf Club has more than 4,800 sq. ft. of space and shows off the surrounding landscape with banks of floor-to-ceiling windows.

With six bathrooms, four bedrooms plus a wood-paneled library that can be a home office or fifth bedroom, the space also includes an attached 3-car garage, walkout basement and a lower-level game room.

Florence

For buyers looking for water views, this home overlooking the Ohio River is listed for $515,500 and has its own boat dock.

A full wall of windows in the main living area and a covered front patio provide great views of the water and beyond.

Sitting on 11.5 acres, you'll have plenty of space for outdoor activities while an RV canopy and 1,800 sq ft pole barn with concrete flooring are perfect to store your vehicles or get creative with the extra space.