Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 4,055, 1,956 total housing units (homes and apartments), and a median house value of $115,780, house prices in Algonac are solidly below the national average.
Single-family detached homes are the single most common housing type in Algonac, accounting for 74.09% of the city's housing units. Other types of housing that are prevalent in Algonac include large apartment complexes or high rise apartments ( 15.94%), row houses and other attached homes ( 6.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.16%).
The most prevalent building size and type in Algonac are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.32% owning and 35.68% renting.
There is a lot of housing in Algonac built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Algonac built between 1940-1969 ( 31.17%). A lesser amount of the housing stock also hails from before 1939 ( 20.26%). There's also some housing in Algonac built between 2000 and later ( 5.52%).
Vacant housing appears to be an issue in Algonac. Fully 12.91% of the housing stock is classified as vacant. Left unchecked, vacant Algonac homes and apartments can be a drag on the real estate market, holding Algonac 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.
Algonac's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Algonac during the period has been just -2.07%, which is lower than 80% of US communities.
Appreciation rates are so strong in Algonac that despite a nationwide downturn in the housing market, Algonac real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Algonac appreciation rates continue to be some of the highest in America, at 7.32%, which is higher than appreciation rates in 83.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Algonac. Algonac appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Algonac one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Algonac's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.
|$932,001 - $1,242,000||0.0|
|$621,001 - $932,000||0.8|
|$497,001 - $621,000||0.6|
|$373,001 - $497,000||2.7|
|$248,001 - $373,000||6.8|
|$124,001 - $248,000||35.8|
|$62,001 - $124,000||32.1|
|$0 - $62,000||21.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Algonac HOMES|
|2000 or Newer||5.5|
|1970 - 1999||43.1|
|1940 - 1969||31.2|
|1939 or Older||20.3|
|TYPE OF Algonac HOMES|
|Small Apt. Buildings||3.2|
|SIZE OF Algonac HOMES|
|5 or more bedrooms||2.18|