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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.



Grayling, 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

Grayling, MI Housing Market Trends

With 1,917 people, 761 houses or apartments, and a median cost of homes of $273,796, Grayling real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Grayling, accounting for 68.91% of the city's housing units. Other types of housing that are prevalent in Grayling include large apartment complexes or high rise apartments ( 16.78%), duplexes, homes converted to apartments or other small apartment buildings ( 13.36%).

People in Grayling primarily live in small (one, two or no bedroom) single-family detached homes. Grayling has a mixture of owner-occupied and renter-occupied housing.

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. Grayling's housing was primarily built during this period, from the '40s through the '60s. A full 43.38% of the city's housing hails from this era. Other housing ages represented in Grayling include homes built between 1970-1999 ( 29.31%) and housing constructed before 1939 ( 25.77%). There's also some housing in Grayling built between 2000 and later ( 1.54%).

Vacant housing appears to be an issue in Grayling. Fully 10.05% of the housing stock is classified as vacant. Left unchecked, vacant Grayling homes and apartments can be a drag on the real estate market, holding Grayling 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.

Grayling Home Appreciation Rates

In the last 10 years, Grayling has experienced some of the highest home appreciation rates of any community in the nation. Grayling real estate appreciated 118.45% over the last ten years, which is an average annual home appreciation rate of 8.13%, putting Grayling in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grayling 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 Grayling that despite a nationwide downturn in the housing market, Grayling real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grayling appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.97% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grayling. Grayling appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Grayling 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 Grayling's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$273,796

Grayling, MI Home Prices
> $1,493,000
$1,120,001 - $1,493,000
$746,001 - $1,120,000
$597,001 - $746,000
$448,001 - $597,000
$299,001 - $448,000
$149,001 - $299,000
$74,001 - $149,000
$0 - $74,000
0.0%
0.0%
0.0%
0.0%
1.6%
1.6%
8.0%
8.0%
4.3%
4.3%
20.8%
20.8%
39.7%
39.7%
18.6%
18.6%
7.1%
7.1%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

761

Grayling Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,562 / per month

Homeownership Rate

Owners
Renters
48.3%
48.3%
51.7%
51.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.0%
10.0%
90.0%
90.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
1.5%
1.5%
29.3%
29.3%
43.4%
43.4%
25.8%
25.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.9%
68.9%
0.2%
0.2%
13.4%
13.4%
16.8%
16.8%
0.7%
0.7%
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
2.8%
2.8%
17.4%
17.4%
29.7%
29.7%
26.4%
26.4%
18.0%
18.0%
5.8%
5.8%
0% 100.0%
% of Homes

Popular Neighborhoods in Grayling

Popular Communities Near Grayling, MI

Zip Codes in Grayling, MI