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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.



Caro, 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

Caro, MI Housing Market Trends

With a population of 4,285, 1,880 total housing units (homes and apartments), and a median house value of $106,580, house prices in Caro 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 Caro, accounting for 71.15% of the city's housing units. Other types of housing that are prevalent in Caro include large apartment complexes or high rise apartments ( 19.10%), mobile homes or trailers ( 5.30%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.45%).

The most prevalent building size and type in Caro are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.35% owning and 41.65% 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. Caro's housing was primarily built during this period, from the '40s through the '60s. A full 39.35% of the city's housing hails from this era. Other housing ages represented in Caro include homes built between 1970-1999 ( 27.20%) and housing constructed before 1939 ( 22.75%). There's also some housing in Caro built between 2000 and later ( 10.70%).

Caro Home Appreciation Rates

Real estate appreciation rates in Caro's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.38% during the period.

Appreciation rates are so strong in Caro that despite a nationwide downturn in the housing market, Caro real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Caro appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 84.79% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Caro. Caro appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Caro 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 Caro's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$106,580

Caro, MI Home Prices
> $1,190,000
$893,001 - $1,190,000
$595,001 - $893,000
$476,001 - $595,000
$357,001 - $476,000
$238,001 - $357,000
$119,001 - $238,000
$60,001 - $119,000
$0 - $60,000
0.0%
0.0%
1.9%
1.9%
0.5%
0.5%
0.0%
0.0%
3.8%
3.8%
4.8%
4.8%
31.1%
31.1%
35.4%
35.4%
22.4%
22.4%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

1,880

Caro Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,125 / per month

Homeownership Rate

Owners
Renters
58.3%
58.3%
41.7%
41.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.0%
6.0%
94.0%
94.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.7%
10.7%
27.2%
27.2%
39.4%
39.4%
22.8%
22.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.2%
71.2%
0.0%
0.0%
4.5%
4.5%
19.1%
19.1%
5.3%
5.3%
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
2.5%
2.5%
12.0%
12.0%
31.3%
31.3%
43.2%
43.2%
7.9%
7.9%
3.2%
3.2%
0% 100.0%
% of Homes