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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.



Hillman, 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

Hillman, MI Housing Market Trends

With 644 people, 362 houses or apartments, and a median cost of homes of $151,041, house prices in Hillman are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Hillman, accounting for 69.58% of the village's housing units. Other types of housing that are prevalent in Hillman include large apartment complexes or high rise apartments ( 19.81%), duplexes, homes converted to apartments or other small apartment buildings ( 9.67%).

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

There is a lot of housing in Hillman 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 Hillman built between 1940-1969 ( 32.78%). A lesser amount of the housing stock also hails from before 1939 ( 15.57%). There's also some housing in Hillman built between 2000 and later ( 7.55%).

Vacant housing appears to be an issue in Hillman. Fully 14.62% of the housing stock is classified as vacant. Left unchecked, vacant Hillman homes and apartments can be a drag on the real estate market, holding Hillman 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.

Hillman Home Appreciation Rates

Appreciation rates for homes in Hillman have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.20%, which ranks in the top 50% nationwide. This equates to an annual average Hillman house appreciation rate of 6.58%.

Appreciation rates are so strong in Hillman that despite a nationwide downturn in the housing market, Hillman real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hillman appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.16% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hillman. Hillman appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Hillman one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Michigan, our data show that Hillman's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$151,041

Hillman, MI Home Prices
> $1,342,000
$1,007,001 - $1,342,000
$671,001 - $1,007,000
$537,001 - $671,000
$403,001 - $537,000
$268,001 - $403,000
$134,001 - $268,000
$67,001 - $134,000
$0 - $67,000
0.3%
0.3%
0.1%
0.1%
2.1%
2.1%
5.5%
5.5%
6.8%
6.8%
12.6%
12.6%
28.9%
28.9%
32.0%
32.0%
11.9%
11.9%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

362

Hillman Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,071 / per month

Homeownership Rate

Owners
Renters
55.0%
55.0%
45.0%
45.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.6%
14.6%
85.4%
85.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.5%
7.5%
44.1%
44.1%
32.8%
32.8%
15.6%
15.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.6%
69.6%
0.0%
0.0%
9.7%
9.7%
19.8%
19.8%
0.9%
0.9%
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
1.2%
1.2%
20.0%
20.0%
32.1%
32.1%
34.9%
34.9%
8.3%
8.3%
3.5%
3.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Hillman

Popular Communities Near Hillman, MI

Zip Codes in Hillman, MI