Harbor Springs, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Harbor Springs, 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

Harbor Springs Housing Market Information

With a population of 1,201, 482 total housing units (homes and apartments), and a median house value of $272,092, 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 75.41% of the city's housing units. Other types of housing that are prevalent in Harbor Springs include duplexes, homes converted to apartments or other small apartment buildings ( 10.77%), large apartment complexes or high rise apartments ( 8.58%), and a few mobile homes or trailers ( 2.67%).

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 65.96% of Harbor Springs's homes, and 57.58% have either three or four bedrooms, which is average sized relative to America.

The housing in Harbor Springs was primarily built before 1939 ( 41.85%), making the housing stock in Harbor Springs some of the oldest overall in America, although there is a range of ages of homes in Harbor Springs. The next most important housing age is between 1970-1999 ( 32.32%), followed by between 1940-1969 ( 19.64%). There's also some housing in Harbor Springs built between 2000 and later ( 6.20%).

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

Harbor Springs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Harbor Springs during the period has been just -1.17%, which is lower than 70% of US communities.

Over the last year, Harbor Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Harbor Springs's appreciation rate has been 1.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Harbor Springs were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$272,092

Harbor Springs, MI HOME PRICES

Value Range
> $1,092,000 7.3
$820,001 - $1,092,000 1.7
$546,001 - $820,000 8.4
$437,001 - $546,000 7.0
$328,001 - $437,000 11.3
$219,001 - $328,000 21.9
$109,001 - $219,000 31.4
$55,001 - $109,000 6.0
$0 - $55,000 5.2

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
19.5007617485058 6.57051282051282

Number Of Homes And Apartments:
482

Harbor Springs 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
8.41% 0.47% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,035 / per month

Homeownership Rate

Homeownership
Owners 65.96
Renters 34.04
Vacant 54.05

Housing Market Details

 

Age of Homes

AGE OF Harbor Springs HOMES
2000 or Newer 6.2
1970 - 1999 32.3
1940 - 1969 19.6
1939 or Older 41.8

Types of Homes

TYPE OF Harbor Springs HOMES
Single-Family 75.4
Townhomes 2.6
Small Apt. Buildings 10.8
Apt. Complexes 8.6
Mobile Homes 2.7
Other 0.0

Home Size

SIZE OF Harbor Springs HOMES
No Bedroom 0.48
1 Bedroom 6.20
2 Bedrooms 26.02
3 Bedrooms 40.80
4 Bedrooms 16.78
5 or more bedrooms 9.72

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Zip Codes in Harbor Springs, MI