Ludington, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ludington, 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

Ludington Housing Market Information

With 8,058 people, 3,668 houses or apartments, and a median cost of homes of $132,610, house prices in Ludington are solidly below the national average.

Single-family detached homes are the single most common housing type in Ludington, accounting for 58.60% of the city's housing units. Other types of housing that are prevalent in Ludington include large apartment complexes or high rise apartments ( 21.55%), duplexes, homes converted to apartments or other small apartment buildings ( 14.69%), and a few row houses and other attached homes ( 5.16%).

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

The housing in Ludington was primarily built before 1939 ( 40.87%), making the housing stock in Ludington some of the oldest overall in America, although there is a range of ages of homes in Ludington. The next most important housing age is between 1940-1969 ( 27.99%), followed by between 1970-1999 ( 24.99%). There's also some housing in Ludington built between 2000 and later ( 6.15%).

Vacant housing appears to be an issue in Ludington. Fully 15.83% of the housing stock is classified as vacant. Left unchecked, vacant Ludington homes and apartments can be a drag on the real estate market, holding Ludington 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.

Ludington Home Appreciation Rates

Appreciation rates for homes in Ludington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.90%, which ranks in the top 50% nationwide. This equates to an annual average Ludington house appreciation rate of 0.09%.

NeighborhoodScout's data show that during the latest twelve months, Ludington's appreciation rate, at 4.80%, has been at or slightly above the national average. In the latest quarter, Ludington's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Ludington's latest annual appreciation rate is lower 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 city. Individual neighborhoods within Ludington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ludington - 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 Ludington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$132,610

Ludington, MI HOME PRICES

Value Range
> $1,142,000 0.0
$856,001 - $1,142,000 0.0
$571,001 - $856,000 0.0
$457,001 - $571,000 1.2
$342,001 - $457,000 3.8
$228,001 - $342,000 9.2
$114,001 - $228,000 39.7
$57,001 - $114,000 39.8
$0 - $57,000 6.1

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
58.4378296027189 47.5961538461538

Number Of Homes And Apartments:
3,668

Ludington 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
28.77% 1.48% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$730 / per month

Homeownership Rate

Homeownership
Owners 54.88
Renters 45.12
Vacant 15.83

Housing Market Details

 

Age of Homes

AGE OF Ludington HOMES
2000 or Newer 6.1
1970 - 1999 25.0
1940 - 1969 28.0
1939 or Older 40.9

Types of Homes

TYPE OF Ludington HOMES
Single-Family 58.6
Townhomes 5.2
Small Apt. Buildings 14.7
Apt. Complexes 21.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Ludington HOMES
No Bedroom 1.56
1 Bedroom 18.10
2 Bedrooms 29.90
3 Bedrooms 32.24
4 Bedrooms 12.16
5 or more bedrooms 6.03

Popular Communities Near Ludington, MI

Zip Codes in Ludington, MI