Kalamazoo MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Kalamazoo, 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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Kalamazoo Housing Market Information

With 75,807 people, 28,996 houses or apartments, and a median cost of homes of $125,425, 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 49.35% 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 ( 12.27%), and a few row houses and other attached homes ( 4.18%).

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 36.01% of the city's housing hails from this era. Other housing ages represented in Kalamazoo include homes built before 1939 ( 28.58%) and housing constructed between 1970-1999 ( 26.91%). There's also some housing in Kalamazoo built between 2000 and later ( 8.50%).

Vacant housing appears to be an issue in Kalamazoo. Fully 11.77% 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

Appreciation rates for homes in Kalamazoo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 21.59%, which ranks in the top 40% nationwide. This equates to an annual average Kalamazoo house appreciation rate of 1.97%.

NeighborhoodScout's data show that during the latest twelve months, Kalamazoo's appreciation rate, at 3.30%, has been at or slightly above the national average. In the latest quarter, Kalamazoo's appreciation rate has been 0.56%, which annualizes to a rate of 2.25%.

Relative to Michigan, our data show that Kalamazoo's latest annual appreciation rate is lower than 70% 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:
$125,425

Kalamazoo, MI HOME PRICES

Value Range
> $1,272,000 0.3
$954,001 - $1,272,000 0.1
$636,001 - $954,000 1.5
$508,001 - $636,000 0.7
$382,001 - $508,000 3.4
$254,001 - $382,000 6.2
$127,001 - $254,000 35.2
$64,001 - $127,000 30.1
$0 - $64,000 22.7

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
69.3839416058394 67.948717948718

Number Of Homes And Apartments:
28,996

Kalamazoo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
29.88% 1.35%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$869 / per month

Homeownership Rate

Homeownership
Owners 40.39
Renters 59.61
Vacant 11.77

Housing Market Details

 

Age of Homes

AGE OF Kalamazoo HOMES
2000 or Newer 8.5
1970 - 1999 26.9
1940 - 1969 36.0
1939 or Older 28.6

Types of Homes

TYPE OF Kalamazoo HOMES
Single-Family 49.3
Townhomes 4.2
Small Apt. Buildings 12.3
Apt. Complexes 32.6
Mobile Homes 1.6
Other 0.0

Home Size

SIZE OF Kalamazoo HOMES
No Bedroom 2.62
1 Bedroom 18.52
2 Bedrooms 32.81
3 Bedrooms 29.76
4 Bedrooms 13.07
5 or more bedrooms 3.22