Grayling, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Grayling, 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

Grayling Housing Market Information

With a population of 1,844, 697 total housing units (homes and apartments), and a median house value of $109,844, house prices in Grayling are solidly below the national average.

Single-family detached homes are the single most common housing type in Grayling, accounting for 66.12% of the city's housing units. Other types of housing that are prevalent in Grayling include large apartment complexes or high rise apartments ( 19.76%), duplexes, homes converted to apartments or other small apartment buildings ( 13.41%).

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 35.88% of the city's housing hails from this era. Other housing ages represented in Grayling include homes built between 1970-1999 ( 35.76%) and housing constructed before 1939 ( 25.88%). There's also some housing in Grayling built between 2000 and later ( 2.47%).

Vacant housing appears to be an issue in Grayling. Fully 18.00% 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

Grayling's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Grayling during the period has been just -1.60%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Grayling's appreciation rate, at 5.46%, has been at or slightly above the national average. In the latest quarter, Grayling's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$109,844

Grayling, MI HOME PRICES

Value Range
> $1,109,000 0.0
$831,001 - $1,109,000 0.0
$554,001 - $831,000 0.7
$444,001 - $554,000 2.2
$332,001 - $444,000 2.3
$222,001 - $332,000 9.2
$111,001 - $222,000 30.5
$55,001 - $111,000 35.4
$0 - $55,000 19.7

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
71.4871674674792 66.025641025641

Number Of Homes And Apartments:
697

Grayling 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
4.99% 0.28% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,014 / per month

Homeownership Rate

Homeownership
Owners 40.51
Renters 59.49
Vacant 18.00

Housing Market Details

 

Age of Homes

AGE OF Grayling HOMES
2000 or Newer 2.5
1970 - 1999 35.8
1940 - 1969 35.9
1939 or Older 25.9

Types of Homes

TYPE OF Grayling HOMES
Single-Family 66.1
Townhomes 0.4
Small Apt. Buildings 13.4
Apt. Complexes 19.8
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Grayling HOMES
No Bedroom 3.53
1 Bedroom 19.18
2 Bedrooms 29.29
3 Bedrooms 30.71
4 Bedrooms 14.59
5 or more bedrooms 2.71

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Zip Codes in Grayling, MI