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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.



Ishpeming, 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

Ishpeming, MI Housing Market Trends

With a population of 6,188, 2,441 total housing units (homes and apartments), and a median house value of $119,016, house prices in Ishpeming 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 Ishpeming, accounting for 71.73% of the city's housing units. Other types of housing that are prevalent in Ishpeming include duplexes, homes converted to apartments or other small apartment buildings ( 15.37%), large apartment complexes or high rise apartments ( 10.94%), and a few mobile homes or trailers ( 1.23%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ishpeming. Owner-occupied housing accounts for 71.47% of Ishpeming's homes, and 49.82% have either three or four bedrooms, which is average sized relative to America.

The housing in Ishpeming was primarily built before 1939 ( 48.59%), making the housing stock in Ishpeming some of the oldest overall in America, although there is a range of ages of homes in Ishpeming. The next most important housing age is between 1940-1969 ( 33.69%), followed by between 1970-1999 ( 13.61%). There's also some housing in Ishpeming built between 2000 and later ( 4.11%).

Vacant housing appears to be an issue in Ishpeming. Fully 14.17% of the housing stock is classified as vacant. Left unchecked, vacant Ishpeming homes and apartments can be a drag on the real estate market, holding Ishpeming 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.

Ishpeming Home Appreciation Rates

Ishpeming's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ishpeming during the period has been just 4.97%, which is lower than 70% of US communities.

Appreciation rates are so strong in Ishpeming that despite a nationwide downturn in the housing market, Ishpeming real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ishpeming appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ishpeming. Ishpeming appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Ishpeming 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 Ishpeming's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Ishpeming differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ishpeming - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Ishpeming real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$119,016

Ishpeming, MI Home Prices
> $1,277,000
$958,001 - $1,277,000
$639,001 - $958,000
$511,001 - $639,000
$383,001 - $511,000
$255,001 - $383,000
$128,001 - $255,000
$64,001 - $128,000
$0 - $64,000
0.9%
0.9%
0.0%
0.0%
0.6%
0.6%
1.0%
1.0%
3.2%
3.2%
9.9%
9.9%
38.2%
38.2%
32.1%
32.1%
14.1%
14.1%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

2,441

Ishpeming Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,038 / per month

Homeownership Rate

Owners
Renters
71.5%
71.5%
28.5%
28.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.2%
14.2%
85.8%
85.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.1%
4.1%
13.6%
13.6%
33.7%
33.7%
48.6%
48.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.7%
71.7%
0.7%
0.7%
15.4%
15.4%
10.9%
10.9%
1.2%
1.2%
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
1.0%
1.0%
13.5%
13.5%
29.9%
29.9%
35.0%
35.0%
14.9%
14.9%
5.8%
5.8%
0% 100.0%
% of Homes

Popular Communities Near Ishpeming, MI

Zip Codes in Ishpeming, MI