Fair Haven, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Fair Haven Neighborhoods Since 2000




Fair Haven, 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

Fair Haven Housing Market Information

With 5,094 people, 1,207 houses or apartments, and a median cost of homes of $87,601, house prices in Fair Haven 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 Fair Haven, accounting for 76.25% of the town's housing units. Other types of housing that are prevalent in Fair Haven include mobile homes or trailers ( 19.44%), duplexes, homes converted to apartments or other small apartment buildings ( 3.64%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fair Haven. Owner-occupied housing accounts for 79.28% of Fair Haven's homes, and 68.65% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Fair Haven 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 Fair Haven built between 1940-1969 ( 26.55%). A lesser amount of the housing stock also hails from before 1939 ( 18.12%). There's also some housing in Fair Haven built between 2000 and later ( 8.64%).

Vacant housing appears to be an issue in Fair Haven. Fully 12.10% of the housing stock is classified as vacant. Left unchecked, vacant Fair Haven homes and apartments can be a drag on the real estate market, holding Fair Haven 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.

Fair Haven Home Appreciation Rates

In the last 10 years, Fair Haven has experienced some of the highest home appreciation rates of any community in the nation. Fair Haven real estate appreciated 41.57% over the last ten years, which is an average annual home appreciation rate of 3.54%, putting Fair Haven in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Fair Haven definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Fair Haven that despite a nationwide downturn in the housing market, Fair Haven real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fair Haven appreciation rates continue to be some of the highest in America, at 6.10%, which is higher than appreciation rates in 74.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fair Haven. Fair Haven appreciation rates in the latest quarter were at 0.45%, which equates to an annual appreciation rate of 1.82%.

Relative to Michigan, our data show that Fair Haven's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$87,601

Fair Haven, MI HOME PRICES

Value Range
> $1,158,000 0.8
$869,001 - $1,158,000 0.0
$579,001 - $869,000 1.6
$463,001 - $579,000 1.6
$348,001 - $463,000 4.2
$232,001 - $348,000 6.7
$116,001 - $232,000 22.9
$58,001 - $116,000 28.9
$0 - $58,000 33.2

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
85.7699519512481 87.1794871794872

Number Of Homes And Apartments:
1,207

Fair Haven 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
115.49% 4.55% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$656 / per month

Homeownership Rate

Homeownership
Owners 79.28
Renters 20.72
Vacant 12.10

Housing Market Details

 

Age of Homes

AGE OF Fair Haven HOMES
2000 or Newer 8.6
1970 - 1999 46.7
1940 - 1969 26.6
1939 or Older 18.1

Types of Homes

TYPE OF Fair Haven HOMES
Single-Family 76.3
Townhomes 0.7
Small Apt. Buildings 3.6
Apt. Complexes 0.0
Mobile Homes 19.4
Other 0.0

Home Size

SIZE OF Fair Haven HOMES
No Bedroom 0.79
1 Bedroom 4.39
2 Bedrooms 19.90
3 Bedrooms 62.09
4 Bedrooms 6.56
5 or more bedrooms 6.27

Popular Neighborhoods in Fair Haven

Zip Codes in Fair Haven, MI