Ironwood, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ironwood, MI Real Estate Data


Ironwood Housing Market Information

With 5,002 people, 2,529 houses or apartments, and a median cost of homes of $57,975, house prices in Ironwood 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 Ironwood, accounting for 85.24% of the city's housing units. Other types of housing that are prevalent in Ironwood include duplexes, homes converted to apartments or other small apartment buildings ( 7.03%), large apartment complexes or high rise apartments ( 6.74%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ironwood. Owner-occupied housing accounts for 68.38% of Ironwood's homes, and 50.49% have either three or four bedrooms, which is average sized relative to America.

The housing in Ironwood was primarily built before 1939 ( 61.97%), making the housing stock in Ironwood some of the oldest overall in America, although there is a range of ages of homes in Ironwood. The next most important housing age is between 1940-1969 ( 26.33%), followed by between 1970-1999 ( 10.36%). There's also some housing in Ironwood built between 2000 and later ( 1.35%).

Vacant housing appears to be an issue in Ironwood. Fully 16.86% of the housing stock is classified as vacant. Left unchecked, vacant Ironwood homes and apartments can be a drag on the real estate market, holding Ironwood 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.

Ironwood Home Appreciation Rates

Real estate appreciation rates in Ironwood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.12% during the period.

Over the last year, Ironwood appreciation rates have trailed the rest of the nation. In the last twelve months, Ironwood's appreciation rate has been 2.28%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ironwood were at 1.43%, which equates to an annual appreciation rate of 5.84%.

Relative to Michigan, our data show that Ironwood's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$57,975

Ironwood, MI HOME PRICES

Value Range
> $1,082,000 0.0
$811,001 - $1,082,000 0.0
$541,001 - $811,000 0.6
$433,001 - $541,000 0.0
$325,001 - $433,000 0.5
$216,001 - $325,000 2.4
$109,001 - $216,000 10.2
$54,001 - $109,000 35.4
$0 - $54,000 51.0

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.6326638168296 98.2371794871795

Number Of Homes And Apartments:
2,529

Rent & Ownership

 

Average Market Rent:
$753 / per month

Homeownership Rate

Homeownership
Owners 68.38
Renters 31.62
Vacant 16.86

Housing Market Details

 

Age of Homes

AGE OF Ironwood HOMES
2000 or Newer 1.3
1970 - 1999 10.4
1940 - 1969 26.3
1939 or Older 62.0

Types of Homes

TYPE OF Ironwood HOMES
Single-Family 85.2
Townhomes 0.0
Small Apt. Buildings 7.0
Apt. Complexes 6.7
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF Ironwood HOMES
No Bedroom 0.46
1 Bedroom 9.70
2 Bedrooms 36.26
3 Bedrooms 37.48
4 Bedrooms 13.02
5 or more bedrooms 3.09

Ironwood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
15.38% 0.85% 7 2
* 10 is highest

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Zip Codes in Ironwood, MI