47138 — Lexington, IN Home Values
Typical home value $263,749 as of June 2026 · 2nd of 6 in Madison, IN
Blue: typical home value (Zillow ZHVI) in ZIP code 47138, June 2021 to June 2026. This page shows observed data only; no forecast.
How 47138 compares in the Madison, IN area
ZIP code 47138 (Lexington, IN) has a typical home value of $263,749 as of June 2026, ranking 2nd of 6 ZIP codes tracked in the Madison, IN area, more expensive than about 83% of ZIP codes in the metro. Prices here have moved +7.8% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +39.9%, from $188,467 in June 2021 to $263,749 in June 2026.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Madison, IN forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Madison.
Population and demographics
ZIP code 47138 has a population of 4,646, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 96.7% White, 1.9% two or more races, 0.5% another race, 0.3% American Indian or Alaska Native, 0.3% Asian, 0.2% Hispanic or Latino, and 0.1% Black or African American.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| Lexington Elementary School | 7980 E Walnut St, Lexington, IN | 3.1 mi |
| Southwestern Elementary School | 273 South Main Cross St, Hanover, IN | 6.2 mi |
| Southwestern High School | 167 S Main Cross St, Hanover, IN | 6.3 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 47138?
$263,749 as of June 2026, the latest month Zillow has published observed data for.
Is 47138 an expensive ZIP code in the Madison, IN area?
47138 ranks 2nd of 6 ZIP codes in the Madison, IN area by typical home value, more expensive than about 83% of ZIP codes in the metro.
How much have home values in 47138 changed over the past year?
+7.8% over the trailing 12 months, from observed Zillow data.
What is the population of ZIP code 47138?
4,646, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 47138?
Lexington Elementary School (3.1 mi), Southwestern Elementary School (6.2 mi), Southwestern High School (6.3 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 47138?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Madison, IN forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.