Lake Orion, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake Orion, MI Real Estate Data


Lake Orion Housing Market Information

With 3,051 people, 1,343 houses or apartments, and a median cost of homes of $302,110, 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 63.78% of the village's housing units. Other types of housing that are prevalent in Lake Orion include large apartment complexes or high rise apartments ( 21.13%), duplexes, homes converted to apartments or other small apartment buildings ( 7.87%), and a few row houses and other attached homes ( 5.46%).

The most prevalent building size and type in Lake Orion are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 62.50% owning and 37.50% renting.

The housing in Lake Orion was primarily built before 1939 ( 38.10%), 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 1970-1999 ( 25.62%), followed by between 2000 and later ( 18.34%). There's also some housing in Lake Orion built between 1940-1969 ( 17.95%).

Vacant housing appears to be an issue in Lake Orion. Fully 12.68% 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.

Lake Orion Home Appreciation Rates

Real estate appreciation rates in Lake Orion's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.09% during the period.

NeighborhoodScout's data show that during the latest twelve months, Lake Orion's appreciation rate, at 5.19%, has been at or slightly above the national average. In the latest quarter, Lake Orion's appreciation rate has been 1.97%, which annualizes to a rate of 8.12%.

Relative to Michigan, our data show that Lake Orion'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 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.

Average Home Values

 

Median Home Value:
$302,110

Lake Orion, MI HOME PRICES

Value Range
> $1,351,000 0.0
$1,014,001 - $1,351,000 0.0
$675,001 - $1,014,000 6.7
$541,001 - $675,000 7.7
$405,001 - $541,000 14.4
$270,001 - $405,000 14.8
$135,001 - $270,000 40.3
$68,001 - $135,000 11.7
$0 - $68,000 4.3

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
16.6774023540435 5.12820512820513

Number Of Homes And Apartments:
1,343

Rent & Ownership

 

Average Market Rent:
$958 / per month

Homeownership Rate

Homeownership
Owners 62.50
Renters 37.50
Vacant 12.68

Housing Market Details

 

Age of Homes

AGE OF Lake Orion HOMES
2000 or Newer 18.3
1970 - 1999 25.6
1940 - 1969 17.9
1939 or Older 38.1

Types of Homes

TYPE OF Lake Orion HOMES
Single-Family 63.8
Townhomes 5.5
Small Apt. Buildings 7.9
Apt. Complexes 21.1
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Lake Orion HOMES
No Bedroom 3.32
1 Bedroom 15.80
2 Bedrooms 26.53
3 Bedrooms 37.65
4 Bedrooms 13.52
5 or more bedrooms 3.19

Lake Orion 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
14.14% 0.78% 7 1
* 10 is highest