Belmont, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Belmont Neighborhoods Since 2000




Belmont, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Belmont Housing Market Information

With 9,351 people, 1,619 houses or apartments, and a median cost of homes of $240,145, Belmont real estate is some of the most expensive in Michigan, although Belmont home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Belmont, accounting for 95.59% of the town's housing units. Other types of housing that are prevalent in Belmont include mobile homes or trailers ( 1.39%), large apartment complexes or high rise apartments ( 1.09%), and a few row houses and other attached homes ( 1.01%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Belmont. Owner-occupied housing accounts for 96.02% of Belmont's homes, and 80.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Belmont 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 Belmont built between 2000 and later ( 17.88%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.72%). There's also some housing in Belmont built before 1939 ( 5.42%).

Belmont Home Appreciation Rates

Appreciation rates for homes in Belmont have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 13.08%, which ranks in the top 30% nationwide. This equates to an annual average Belmont house appreciation rate of 1.24%.

Appreciation rates are so strong in Belmont that despite a nationwide downturn in the housing market, Belmont real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Belmont appreciation rates continue to be some of the highest in America, at 9.84%, which is higher than appreciation rates in 93.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Belmont. Belmont appreciation rates in the latest quarter were at 3.68%, which equates to an annual appreciation rate of 15.57%.

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

Relative to Michigan, our data show that Belmont's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$240,145

Belmont, MI HOME PRICES

Value Range
> $1,277,000 0.3
$958,001 - $1,277,000 0.0
$639,001 - $958,000 1.6
$511,001 - $639,000 1.3
$383,001 - $511,000 6.8
$255,001 - $383,000 26.8
$127,001 - $255,000 54.4
$64,001 - $127,000 5.7
$0 - $64,000 3.1

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
24.1181296144381 8.65384615384615

Number Of Homes And Apartments:
1,619

Belmont Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
27.32% 1.41% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,527 / per month

Homeownership Rate

Homeownership
Owners 96.02
Renters 3.98
Vacant 2.38

Housing Market Details

 

Age of Homes

AGE OF Belmont HOMES
2000 or Newer 17.9
1970 - 1999 60.0
1940 - 1969 16.7
1939 or Older 5.4

Types of Homes

TYPE OF Belmont HOMES
Single-Family 95.6
Townhomes 1.0
Small Apt. Buildings 0.9
Apt. Complexes 1.1
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Belmont HOMES
No Bedroom 0.59
1 Bedroom 1.40
2 Bedrooms 9.93
3 Bedrooms 51.90
4 Bedrooms 28.69
5 or more bedrooms 7.51