Kalamazoo, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Kalamazoo, MI Real Estate Data


Kalamazoo Housing Market Information

With 76,041 people, 28,064 houses or apartments, and a median cost of homes of $122,004, house prices in Kalamazoo are solidly below the national average.

Single-family detached homes are the single most common housing type in Kalamazoo, accounting for 49.40% of the city's housing units. Other types of housing that are prevalent in Kalamazoo include large apartment complexes or high rise apartments ( 32.62%), duplexes, homes converted to apartments or other small apartment buildings ( 12.15%), and a few row houses and other attached homes ( 4.52%).

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

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Kalamazoo's housing was primarily built during this period, from the '40s through the '60s. A full 35.68% of the city's housing hails from this era. Other housing ages represented in Kalamazoo include homes built before 1939 ( 30.25%) and housing constructed between 1970-1999 ( 28.02%). There's also some housing in Kalamazoo built between 2000 and later ( 6.05%).

Vacant housing appears to be an issue in Kalamazoo. Fully 13.41% of the housing stock is classified as vacant. Left unchecked, vacant Kalamazoo homes and apartments can be a drag on the real estate market, holding Kalamazoo 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.

Kalamazoo Home Appreciation Rates

Real estate appreciation rates in Kalamazoo's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.60% during the period.

Over the last year, Kalamazoo appreciation rates have trailed the rest of the nation. In the last twelve months, Kalamazoo's appreciation rate has been 1.83%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Kalamazoo were at 2.32%, which equates to an annual appreciation rate of 9.62%.

Relative to Michigan, our data show that Kalamazoo's latest annual appreciation rate is lower than 90% 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 Kalamazoo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kalamazoo - 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 Kalamazoo real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$122,004

Kalamazoo, MI HOME PRICES

Value Range
> $1,138,000 0.6
$853,001 - $1,138,000 0.5
$569,001 - $853,000 1.8
$455,001 - $569,000 0.5
$341,001 - $455,000 1.9
$228,001 - $341,000 6.3
$114,001 - $228,000 32.5
$57,001 - $114,000 31.6
$0 - $57,000 24.2

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
65.1812379223517 57.3717948717949

Number Of Homes And Apartments:
28,064

Rent & Ownership

 

Average Market Rent:
$888 / per month

Homeownership Rate

Homeownership
Owners 41.02
Renters 58.98
Vacant 13.41

Housing Market Details

 

Age of Homes

AGE OF Kalamazoo HOMES
2000 or Newer 6.1
1970 - 1999 28.0
1940 - 1969 35.7
1939 or Older 30.2

Types of Homes

TYPE OF Kalamazoo HOMES
Single-Family 49.4
Townhomes 4.5
Small Apt. Buildings 12.2
Apt. Complexes 32.6
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Kalamazoo HOMES
No Bedroom 2.35
1 Bedroom 18.89
2 Bedrooms 32.99
3 Bedrooms 30.16
4 Bedrooms 12.76
5 or more bedrooms 2.85

Kalamazoo 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
10.46% 0.59% 6 1
* 10 is highest