Elwood is a small town located in the state of Indiana. It is located in Madison County, about 20 miles northeast of Indianapolis. The population of Elwood is estimated to be around 8,000 people. The town is known for its historic downtown area, which features a variety of shops, restaurants, and other businesses. Elwood is also home to a number of parks and recreational areas, including the Elwood City Park and the Elwood Nature Preserve.