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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Alma, MI Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Alma, MI Housing Market Trends

With 9,364 people, 3,541 houses or apartments, and a median cost of homes of $134,077, house prices in Alma 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 Alma, accounting for 66.26% of the city's housing units. Other types of housing that are prevalent in Alma include large apartment complexes or high rise apartments ( 17.17%), duplexes, homes converted to apartments or other small apartment buildings ( 9.53%), and a few mobile homes or trailers ( 5.06%).

The most prevalent building size and type in Alma are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.13% owning and 49.87% renting.

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. Alma's housing was primarily built during this period, from the '40s through the '60s. A full 39.64% of the city's housing hails from this era. Other housing ages represented in Alma include homes built between 1970-1999 ( 34.24%) and housing constructed before 1939 ( 20.81%). There's also some housing in Alma built between 2000 and later ( 5.32%).

Alma Home Appreciation Rates

Appreciation rates for homes in Alma have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.98%, which ranks in the top 40% nationwide. This equates to an annual average Alma house appreciation rate of 6.63%.

Appreciation rates are so strong in Alma that despite a nationwide downturn in the housing market, Alma real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Alma appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.27% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Alma. Alma appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Alma 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 Alma's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$134,077

Alma, MI Home Prices
> $1,260,000
$945,001 - $1,260,000
$630,001 - $945,000
$504,001 - $630,000
$378,001 - $504,000
$252,001 - $378,000
$126,001 - $252,000
$63,001 - $126,000
$0 - $63,000
0.0%
0.0%
0.0%
0.0%
0.5%
0.5%
0.4%
0.4%
0.7%
0.7%
13.9%
13.9%
33.2%
33.2%
35.2%
35.2%
16.0%
16.0%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

3,541

Alma Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,252 / per month

Homeownership Rate

Owners
Renters
50.1%
50.1%
49.9%
49.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.3%
5.3%
34.2%
34.2%
39.6%
39.6%
20.8%
20.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.3%
66.3%
2.0%
2.0%
9.5%
9.5%
17.2%
17.2%
5.1%
5.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.3%
1.3%
13.8%
13.8%
31.3%
31.3%
40.3%
40.3%
11.2%
11.2%
2.2%
2.2%
0% 100.0%
% of Homes