Buchanan, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Buchanan Neighborhoods Since 2000




Buchanan, 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

Buchanan Housing Market Information

With a population of 4,362, 2,027 total housing units (homes and apartments), and a median house value of $130,580, house prices in Buchanan are solidly below the national average.

Single-family detached homes are the single most common housing type in Buchanan, accounting for 58.14% of the city's housing units. Other types of housing that are prevalent in Buchanan include large apartment complexes or high rise apartments ( 24.87%), duplexes, homes converted to apartments or other small apartment buildings ( 15.12%), and a few mobile homes or trailers ( 1.87%).

The most prevalent building size and type in Buchanan are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.16% owning and 43.84% renting.

The housing in Buchanan was primarily built before 1939 ( 33.04%), making the housing stock in Buchanan some of the oldest overall in America, although there is a range of ages of homes in Buchanan. The next most important housing age is between 1970-1999 ( 31.82%), followed by between 1940-1969 ( 28.23%). There's also some housing in Buchanan built between 2000 and later ( 6.91%).

Buchanan Home Appreciation Rates

Appreciation rates for homes in Buchanan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.10%, which ranks in the top 40% nationwide. This equates to an annual average Buchanan house appreciation rate of 0.59%.

Appreciation rates are so strong in Buchanan that despite a nationwide downturn in the housing market, Buchanan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Buchanan appreciation rates continue to be some of the highest in America, at 7.48%, which is higher than appreciation rates in 84.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Buchanan. Buchanan appreciation rates in the latest quarter were at 0.27%, which equates to an annual appreciation rate of 1.07%.

Relative to Michigan, our data show that Buchanan's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$130,580

Buchanan, MI HOME PRICES

Value Range
> $1,188,000 1.7
$891,001 - $1,188,000 0.0
$594,001 - $891,000 0.0
$475,001 - $594,000 1.2
$357,001 - $475,000 0.8
$238,001 - $357,000 9.7
$119,001 - $238,000 46.7
$59,001 - $119,000 28.7
$0 - $59,000 11.1

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
59.5394351341849 49.3589743589744

Number Of Homes And Apartments:
2,027

Buchanan 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
31.53% 1.60% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$634 / per month

Homeownership Rate

Homeownership
Owners 56.16
Renters 43.84
Vacant 5.41

Housing Market Details

 

Age of Homes

AGE OF Buchanan HOMES
2000 or Newer 6.9
1970 - 1999 31.8
1940 - 1969 28.2
1939 or Older 33.0

Types of Homes

TYPE OF Buchanan HOMES
Single-Family 58.1
Townhomes 0.0
Small Apt. Buildings 15.1
Apt. Complexes 24.9
Mobile Homes 1.9
Other 0.0

Home Size

SIZE OF Buchanan HOMES
No Bedroom 2.43
1 Bedroom 24.59
2 Bedrooms 21.37
3 Bedrooms 38.08
4 Bedrooms 12.97
5 or more bedrooms 0.56