Alpena, MI Housing Market Trends
With a population of 10,130, 4,856 total housing units (homes and apartments), and a median house value of $184,339, house prices in Alpena are solidly below the national average.
Single-family detached homes are the single most common housing type in Alpena, accounting for 69.53% of the city's housing units. Other types of housing that are prevalent in Alpena include duplexes, homes converted to apartments or other small apartment buildings ( 15.43%), large apartment complexes or high rise apartments ( 14.25%).
The most prevalent building size and type in Alpena are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.80% owning and 37.20% 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. Alpena's housing was primarily built during this period, from the '40s through the '60s. A full 44.93% of the city's housing hails from this era. Other housing ages represented in Alpena include homes built before 1939 ( 28.18%) and housing constructed between 1970-1999 ( 22.01%). There's also some housing in Alpena built between 2000 and later ( 4.89%).
Vacant housing appears to be an issue in Alpena. Fully 10.80% of the housing stock is classified as vacant. Left unchecked, vacant Alpena homes and apartments can be a drag on the real estate market, holding Alpena 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.
Alpena Home Appreciation Rates
Appreciation rates for homes in Alpena have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.31%, which ranks in the top 50% nationwide. This equates to an annual average Alpena house appreciation rate of 6.98%.
Appreciation rates are so strong in Alpena that despite a nationwide downturn in the housing market, Alpena real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Alpena appreciation rates continue to be some of the highest in America, at 10.14%, which is higher than appreciation rates in 81.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Alpena. Alpena appreciation rates in the latest quarter were at 2.55%, which equates to an annual appreciation rate of 10.58%.
Importantly, this makes Alpena 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 Alpena's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Alpena differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Alpena - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Alpena real estate investment or home purchase decisions.
Median Home Value
$184,339
Very Low
for Michigan
Low
for nation
Number of Homes And Apartments:
4,856
MI
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,129 / per month