Homer, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Homer, 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

Homer Housing Market Information

With 1,630 people, 675 houses or apartments, and a median cost of homes of $97,374, house prices in Homer are solidly below the national average.

Single-family detached homes are the single most common housing type in Homer, accounting for 61.10% of the village's housing units. Other types of housing that are prevalent in Homer include large apartment complexes or high rise apartments ( 18.34%), mobile homes or trailers ( 13.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.07%).

The most prevalent building size and type in Homer are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 63.85% owning and 36.15% renting.

The housing in Homer was primarily built before 1939 ( 41.93%), making the housing stock in Homer some of the oldest overall in America, although there is a range of ages of homes in Homer. The next most important housing age is between 1970-1999 ( 38.48%), followed by between 1940-1969 ( 16.55%). There's also some housing in Homer built between 2000 and later ( 3.03%).

Homer Home Appreciation Rates

Appreciation rates for homes in Homer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.15%, which ranks in the top 50% nationwide. This equates to an annual average Homer house appreciation rate of 0.31%.

NeighborhoodScout's data show that during the latest twelve months, Homer's appreciation rate, at 3.21%, has been at or slightly above the national average. In the latest quarter, Homer's appreciation rate has been -0.73%, which annualizes to a rate of -2.90%.

Notably, Homer's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Michigan, our data show that Homer's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$97,374

Homer, MI HOME PRICES

Value Range
> $1,105,000 1.6
$828,001 - $1,105,000 0.0
$552,001 - $828,000 0.0
$442,001 - $552,000 0.0
$332,001 - $442,000 1.8
$221,001 - $332,000 6.5
$111,001 - $221,000 34.6
$55,001 - $111,000 32.9
$0 - $55,000 22.6

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
79.2511426227587 77.4038461538462

Number Of Homes And Apartments:
675

Homer 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
22.42% 1.18% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$700 / per month

Homeownership Rate

Homeownership
Owners 63.85
Renters 36.15
Vacant 6.90

Housing Market Details

 

Age of Homes

AGE OF Homer HOMES
2000 or Newer 3.0
1970 - 1999 38.5
1940 - 1969 16.6
1939 or Older 41.9

Types of Homes

TYPE OF Homer HOMES
Single-Family 61.1
Townhomes 0.6
Small Apt. Buildings 6.1
Apt. Complexes 18.3
Mobile Homes 13.9
Other 0.0

Home Size

SIZE OF Homer HOMES
No Bedroom 0.69
1 Bedroom 11.03
2 Bedrooms 29.10
3 Bedrooms 46.07
4 Bedrooms 10.34
5 or more bedrooms 2.76

Popular Neighborhoods in Homer

Zip Codes in Homer, MI