Farwell, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Farwell Neighborhoods Since 2000




Farwell, 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

Farwell Housing Market Information

With 858 people, 388 houses or apartments, and a median cost of homes of $87,645, house prices in Farwell 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 Farwell, accounting for 59.24% of the village's housing units. Other types of housing that are prevalent in Farwell include mobile homes or trailers ( 20.62%), large apartment complexes or high rise apartments ( 15.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.27%).

The most prevalent building size and type in Farwell are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 64.88% owning and 35.12% renting.

There is a lot of housing in Farwell 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 Farwell built between 1940-1969 ( 25.12%). A lesser amount of the housing stock also hails from before 1939 ( 15.64%). There's also some housing in Farwell built between 2000 and later ( 8.53%).

Farwell Home Appreciation Rates

Homes have actually lost value in Farwell over the last then years, as home values have seen a decline of 20.21% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Farwell home appreciation rates at 0.00%, which equates to an annual appreciation rate of 0.00%.

Over the last year, Farwell appreciation rates have trailed the rest of the nation. In the last twelve months, Farwell's appreciation rate has been 2.47%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farwell were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$87,645

Farwell, MI HOME PRICES

Value Range
> $1,065,000 0.7
$798,001 - $1,065,000 0.0
$532,001 - $798,000 1.5
$426,001 - $532,000 0.9
$319,001 - $426,000 2.9
$213,001 - $319,000 5.0
$106,001 - $213,000 26.4
$53,001 - $106,000 41.6
$0 - $53,000 21.1

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
85.7553029415212 87.0192307692308

Number Of Homes And Apartments:
388

Farwell 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
-2.06% -0.12% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$857 / per month

Homeownership Rate

Homeownership
Owners 64.88
Renters 35.12
Vacant 8.06

Housing Market Details

 

Age of Homes

AGE OF Farwell HOMES
2000 or Newer 8.5
1970 - 1999 50.7
1940 - 1969 25.1
1939 or Older 15.6

Types of Homes

TYPE OF Farwell HOMES
Single-Family 59.2
Townhomes 0.7
Small Apt. Buildings 4.3
Apt. Complexes 15.2
Mobile Homes 20.6
Other 0.0

Home Size

SIZE OF Farwell HOMES
No Bedroom 0.71
1 Bedroom 12.56
2 Bedrooms 27.25
3 Bedrooms 46.45
4 Bedrooms 8.29
5 or more bedrooms 4.74