Fort Gratiot, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fort Gratiot, MI Housing Market Trends

With 12,859 people, 1,621 houses or apartments, and a median cost of homes of $136,369, house prices in Fort Gratiot are solidly below the national average.

Single-family detached homes are the single most common housing type in Fort Gratiot, accounting for 77.89% of the town's housing units. Other types of housing that are prevalent in Fort Gratiot include mobile homes or trailers ( 13.22%), large apartment complexes or high rise apartments ( 5.73%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.31%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fort Gratiot. Owner-occupied housing accounts for 79.18% of Fort Gratiot's homes, and 70.50% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Fort Gratiot 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 Fort Gratiot built between 1940-1969 ( 32.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.69%). There's also some housing in Fort Gratiot built before 1939 ( 7.70%).

Vacant housing appears to be an issue in Fort Gratiot. Fully 11.39% of the housing stock is classified as vacant. Left unchecked, vacant Fort Gratiot homes and apartments can be a drag on the real estate market, holding Fort Gratiot 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.

Fort Gratiot Home Appreciation Rates

Appreciation rates for homes in Fort Gratiot have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 49.75%, which ranks in the top 30% nationwide. This equates to an annual average Fort Gratiot house appreciation rate of 4.12%.

Over the last year, Fort Gratiot appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Gratiot's appreciation rate has been 4.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Gratiot were at 1.66%, which equates to an annual appreciation rate of 6.80%.

Relative to Michigan, our data show that Fort Gratiot's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$136,369

Fort Gratiot, MI HOME PRICES

> $1,159,000
0.3%
0.3%
$869,001 - $1,159,000
0.2%
0.2%
$579,001 - $869,000
1.4%
1.4%
$463,001 - $579,000
1.2%
1.2%
$348,001 - $463,000
4.4%
4.4%
$232,001 - $348,000
6.2%
6.2%
$116,001 - $232,000
36.9%
36.9%
$58,001 - $116,000
26.2%
26.2%
$0 - $58,000
23.2%
23.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,621

Fort Gratiot Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
113.83% 3.69%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,163 / per month

Homeownership Rate

Owners
79.2%
79.2%
Renters
20.8%
20.8%
Vacant
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.7%
15.7%
1970 - 1999
43.7%
43.7%
1940 - 1969
32.9%
32.9%
1939 or Older
7.7%
7.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
77.9%
77.9%
Townhomes
0.8%
0.8%
Small Apt. Buildings
2.3%
2.3%
Apt. Complexes
5.7%
5.7%
Mobile Homes
13.2%
13.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
3.9%
3.9%
2 Bedrooms
18.8%
18.8%
3 Bedrooms
54.3%
54.3%
4 Bedrooms
16.2%
16.2%
5 or more bedrooms
5.7%
5.7%
0.0% 100.0%
% OF HOMES