Prescott appreciation rates and housing market information

Prescott housing market information

With 301 people, 126 houses or apartments, and a median cost of homes of $73,759, house prices in Prescott are some of the most affordable in Michigan as well as the nation.

single-family detached homes are the single most common housing type in Prescott, accounting for 79.36% of the village's housing units. Other types of housing that are prevalent in Prescott include mobile homes or trailers (14.28%), and a few duplexes, homes converted to apartments, or other small apartment buildings (6.35%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Prescott. Owner-occupied housing accounts for 80.15% of Prescott's homes, and 61.11% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Prescott's housing was primarily built during this period, from the '40s through the '60s. A full 41.27% of the village's housing hails from this era. Other housing ages represented in Prescott include homes built between 1970-1994 (32.54%), and housing constructed from 1939 and earlier (23.02%). There's also some housing in Prescott built between 1995 and later (3.17%).

Vacant housing appears to be an issue in Prescott. Fully 11.12% of the housing stock is classified as vacant. Left unchecked, vacant Prescott homes and apartments can be a drag on the real estate market, holding Prescott real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Prescott home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Prescott, where house values have increased just 28.72%, which is an average annual increase of 2.87%. NeighborhoodScout's data show that in the latest quarter, Prescott house values appreciated 2.01%, which is an annualized rate of 8.04%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, Prescott appreciation rates have trailed the rest of the nation. In the last twelve months, Prescott's appreciation rate has been -2.42%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prescott were at 2.01%, which equates to an annual appreciation rate of 8.04%.

Importantly, this makes Prescott one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Michigan, our data show that Prescott's latest annual appreciation rate is higher than 41% of the other cities and towns in Michigan.