Lapeer, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lapeer, 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Lapeer Housing Market Information

With 8,790 people, 3,391 houses or apartments, and a median cost of homes of $68,942, house prices in Lapeer 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 Lapeer, accounting for 47.94% of the city's housing units. Other types of housing that are prevalent in Lapeer include large apartment complexes or high rise apartments ( 22.76%), duplexes, homes converted to apartments or other small apartment buildings ( 11.70%), and a few mobile homes or trailers ( 10.65%).

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

There is a lot of housing in Lapeer built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lapeer built between 1940-1969 ( 21.74%). A lesser amount of the housing stock also hails from before 1939 ( 21.40%). There's also some housing in Lapeer built between 2000 and later ( 7.34%).

Vacant housing appears to be an issue in Lapeer. Fully 11.07% of the housing stock is classified as vacant. Left unchecked, vacant Lapeer homes and apartments can be a drag on the real estate market, holding Lapeer 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.

Lapeer Home Appreciation Rates

Lapeer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lapeer during the period has been just -1.47%, which is lower than 80% of US communities.

Appreciation rates are so strong in Lapeer that despite a nationwide downturn in the housing market, Lapeer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lapeer appreciation rates continue to be some of the highest in America, at 8.32%, which is higher than appreciation rates in 88.19% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lapeer. Lapeer appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Lapeer 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 Lapeer's latest annual appreciation rate is higher 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 Lapeer differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lapeer - 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 Lapeer real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$68,942

Lapeer, MI HOME PRICES

Value Range
> $1,179,000 0.0
$884,001 - $1,179,000 0.0
$589,001 - $884,000 0.5
$472,001 - $589,000 0.0
$353,001 - $472,000 0.7
$236,001 - $353,000 4.3
$118,001 - $236,000 35.9
$59,001 - $118,000 37.6
$0 - $59,000 21.1

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
95.7049103480605 95.1923076923077

Number Of Homes And Apartments:
3,391

Lapeer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
-12.03% -0.74% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$815 / per month

Homeownership Rate

Homeownership
Owners 42.16
Renters 57.84
Vacant 11.07

Housing Market Details

 

Age of Homes

AGE OF Lapeer HOMES
2000 or Newer 7.3
1970 - 1999 49.5
1940 - 1969 21.7
1939 or Older 21.4

Types of Homes

TYPE OF Lapeer HOMES
Single-Family 47.9
Townhomes 6.9
Small Apt. Buildings 11.7
Apt. Complexes 22.8
Mobile Homes 10.6
Other 0.0

Home Size

SIZE OF Lapeer HOMES
No Bedroom 1.97
1 Bedroom 17.10
2 Bedrooms 35.51
3 Bedrooms 39.97
4 Bedrooms 4.54
5 or more bedrooms 0.92