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Lowell, MI Real Estate Market

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 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lowell, MI Housing Market Trends

With a population of 4,142, 1,585 total housing units (homes and apartments), and a median house value of $267,569, Lowell real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Lowell, accounting for 66.57% of the city's housing units. Other types of housing that are prevalent in Lowell include large apartment complexes or high rise apartments ( 18.86%), duplexes, homes converted to apartments or other small apartment buildings ( 7.05%), and a few mobile homes or trailers ( 5.84%).

The most prevalent building size and type in Lowell are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.48% owning and 38.52% renting.

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. Lowell's housing was primarily built during this period, from the '40s through the '60s. A full 35.42% of the city's housing hails from this era. Other housing ages represented in Lowell include homes built before 1939 ( 29.76%) and housing constructed between 1970-1999 ( 27.59%). There's also some housing in Lowell built between 2000 and later ( 7.23%).

Lowell Home Appreciation Rates

In the last 10 years, Lowell has experienced some of the highest home appreciation rates of any community in the nation. Lowell real estate appreciated 111.64% over the last ten years, which is an average annual home appreciation rate of 7.79%, putting Lowell in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lowell definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Lowell appreciation rates have trailed the rest of the nation. In the last twelve months, Lowell's appreciation rate has been 10.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lowell were at 2.57%, which equates to an annual appreciation rate of 10.67%.

Relative to Michigan, our data show that Lowell's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$267,569

Lowell, MI HOME PRICES

> $1,376,000
$1,032,001 - $1,376,000
$688,001 - $1,032,000
$550,001 - $688,000
$413,001 - $550,000
$275,001 - $413,000
$138,001 - $275,000
$69,001 - $138,000
$0 - $69,000
0.0%
0.0%
0.0%
0.0%
2.0%
2.0%
0.0%
0.0%
7.3%
7.3%
32.6%
32.6%
50.6%
50.6%
4.4%
4.4%
3.1%
3.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,585

Lowell Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
84.69% 2.76%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,292 / per month

Homeownership Rate

Owners
Renters
Vacant
61.5%
61.5%
38.5%
38.5%
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.2%
7.2%
27.6%
27.6%
35.4%
35.4%
29.8%
29.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.6%
66.6%
1.7%
1.7%
7.0%
7.0%
18.9%
18.9%
5.8%
5.8%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
9.2%
9.2%
33.7%
33.7%
39.3%
39.3%
15.2%
15.2%
2.6%
2.6%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Lowell

Zip Codes in Lowell, MI