Mount Morris, 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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Mount Morris, MI Housing Market Trends

With a population of 2,842, 1,270 total housing units (homes and apartments), and a median house value of $72,644, house prices in Mount Morris 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 Mount Morris, accounting for 72.21% of the city's housing units. Other types of housing that are prevalent in Mount Morris include large apartment complexes or high rise apartments ( 13.40%), duplexes, homes converted to apartments or other small apartment buildings ( 9.26%), and a few row houses and other attached homes ( 3.72%).

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

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. Mount Morris's housing was primarily built during this period, from the '40s through the '60s. A full 49.96% of the city's housing hails from this era. Other housing ages represented in Mount Morris include homes built before 1939 ( 24.84%) and housing constructed between 1970-1999 ( 21.33%). There's also some housing in Mount Morris built between 2000 and later ( 3.86%).

Vacant housing appears to be an issue in Mount Morris. Fully 10.88% of the housing stock is classified as vacant. Left unchecked, vacant Mount Morris homes and apartments can be a drag on the real estate market, holding Mount Morris 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.

Mount Morris Home Appreciation Rates

Appreciation rates for homes in Mount Morris have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 51.34%, which ranks in the top 30% nationwide. This equates to an annual average Mount Morris house appreciation rate of 4.23%.

NeighborhoodScout's data show that during the latest twelve months, Mount Morris's appreciation rate, at 6.03%, has been at or slightly above the national average. In the latest quarter, Mount Morris's appreciation rate has been 3.30%, which annualizes to a rate of 13.89%.

Importantly, this makes Mount Morris 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 Mount Morris'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 Mount Morris differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mount Morris - 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 Mount Morris real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$72,644

Mount Morris, MI HOME PRICES

> $1,252,000
0.0%
0.0%
$939,001 - $1,252,000
0.0%
0.0%
$626,001 - $939,000
0.0%
0.0%
$501,001 - $626,000
0.0%
0.0%
$376,001 - $501,000
0.0%
0.0%
$251,001 - $376,000
0.0%
0.0%
$125,001 - $251,000
16.8%
16.8%
$63,001 - $125,000
41.3%
41.3%
$0 - $63,000
41.9%
41.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,270

Mount Morris Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
10.19% 0.46%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$856 / per month

Homeownership Rate

Owners
52.8%
52.8%
Renters
47.2%
47.2%
Vacant
10.9%
10.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.9%
3.9%
1970 - 1999
21.3%
21.3%
1940 - 1969
50.0%
50.0%
1939 or Older
24.8%
24.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.2%
72.2%
Townhomes
3.7%
3.7%
Small Apt. Buildings
9.3%
9.3%
Apt. Complexes
13.4%
13.4%
Mobile Homes
1.4%
1.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.6%
0.6%
1 Bedroom
9.2%
9.2%
2 Bedrooms
45.8%
45.8%
3 Bedrooms
36.5%
36.5%
4 Bedrooms
6.9%
6.9%
5 or more bedrooms
1.1%
1.1%
0.0% 100.0%
% OF HOMES