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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 3,051 people, 1,281 houses or apartments, and a median cost of homes of $270,032, Lake Orion real estate is some of the most expensive in Michigan, although Lake Orion home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Lake Orion, accounting for 68.36% of the village's housing units. Other types of housing that are prevalent in Lake Orion include large apartment complexes or high rise apartments ( 19.51%), duplexes, homes converted to apartments or other small apartment buildings ( 6.98%), and a few row houses and other attached homes ( 3.32%).
The housing in Lake Orion was primarily built before 1939 ( 40.24%), making the housing stock in Lake Orion some of the oldest overall in America, although there is a range of ages of homes in Lake Orion. The next most important housing age is between 1940-1969 ( 25.27%), followed by between 1970-1999 ( 20.19%). There's also some housing in Lake Orion built between 2000 and later ( 14.30%).
Vacant housing appears to be an issue in Lake Orion. Fully 13.21% of the housing stock is classified as vacant. Left unchecked, vacant Lake Orion homes and apartments can be a drag on the real estate market, holding Lake Orion 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.
Appreciation rates for homes in Lake Orion have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.44%, which ranks in the top 50% nationwide. This equates to an annual average Lake Orion house appreciation rate of 0.14%.
Appreciation rates are so strong in Lake Orion that despite a nationwide downturn in the housing market, Lake Orion real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Orion appreciation rates continue to be some of the highest in America, at 6.06%, which is higher than appreciation rates in 74.61% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake Orion. Lake Orion appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Lake Orion one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to Michigan, our data show that Lake Orion's latest annual appreciation rate is higher than 50% 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 village. Individual neighborhoods within Lake Orion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Orion - 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 Lake Orion real estate investment or home purchase decisions.
|$952,001 - $1,270,000||0.0|
|$635,001 - $952,000||3.6|
|$508,001 - $635,000||6.2|
|$381,001 - $508,000||15.1|
|$254,001 - $381,000||18.8|
|$127,001 - $254,000||40.4|
|$63,001 - $127,000||11.6|
|$0 - $63,000||4.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lake Orion HOMES|
|2000 or Newer||14.3|
|1970 - 1999||20.2|
|1940 - 1969||25.3|
|1939 or Older||40.2|
|TYPE OF Lake Orion HOMES|
|Small Apt. Buildings||7.0|
|SIZE OF Lake Orion HOMES|
|5 or more bedrooms||3.79|