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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.



Harbor Springs, 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

Harbor Springs, MI Housing Market Trends

With 1,271 people, 513 houses or apartments, and a median cost of homes of $471,604, Harbor Springs real estate is some of the most expensive in Michigan, although Harbor Springs home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Harbor Springs, accounting for 72.99% of the city's housing units. Other types of housing that are prevalent in Harbor Springs include large apartment complexes or high rise apartments ( 10.73%), duplexes, homes converted to apartments or other small apartment buildings ( 8.70%), and a few mobile homes or trailers ( 4.16%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Harbor Springs. Owner-occupied housing accounts for 66.99% of Harbor Springs's homes, and 61.24% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Harbor Springs 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 Harbor Springs built before 1939 ( 29.42%). A lesser amount of the housing stock also hails from between 1940-1969 ( 25.81%). There's also some housing in Harbor Springs built between 2000 and later ( 13.69%).

A decent proportion of the Harbor Springs housing stock is seasonally occupied. That is, homes and condos in Harbor Springs are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Harbor Springs housing market speaks to its popularity as a vacation location of choice.

Harbor Springs Home Appreciation Rates

In the last 10 years, Harbor Springs has experienced some of the highest home appreciation rates of any community in the nation. Harbor Springs real estate appreciated 116.46% over the last ten years, which is an average annual home appreciation rate of 8.03%, putting Harbor Springs in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Harbor Springs 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 Harbor Springs that despite a nationwide downturn in the housing market, Harbor Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Harbor Springs appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Harbor Springs. Harbor Springs appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

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

Average Home Values

Median Home Value

$471,604

Harbor Springs, MI Home Prices
> $1,402,000
$1,051,001 - $1,402,000
$701,001 - $1,051,000
$561,001 - $701,000
$421,001 - $561,000
$281,001 - $421,000
$140,001 - $281,000
$70,001 - $140,000
$0 - $70,000
10.8%
10.8%
4.5%
4.5%
7.1%
7.1%
11.9%
11.9%
18.2%
18.2%
28.9%
28.9%
12.7%
12.7%
1.8%
1.8%
4.2%
4.2%
0% 100.0%
% of Homes
Very High

for Michigan

Very High

for nation

Number of Homes And Apartments:

513

Harbor Springs Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,669 / per month

Homeownership Rate

Owners
Renters
67.0%
67.0%
33.0%
33.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
52.5%
52.5%
47.5%
47.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.7%
13.7%
31.1%
31.1%
25.8%
25.8%
29.4%
29.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
73.0%
73.0%
3.4%
3.4%
8.7%
8.7%
10.7%
10.7%
4.2%
4.2%
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
0.8%
0.8%
10.6%
10.6%
23.7%
23.7%
43.9%
43.9%
17.3%
17.3%
3.6%
3.6%
0% 100.0%
% of Homes

Popular Neighborhoods in Harbor Springs

Popular Communities Near Harbor Springs, MI

Zip Codes in Harbor Springs, MI