Mount Morris, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Mount Morris Neighborhoods Since 2000




Mount Morris, 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

Mount Morris Housing Market Information

With 2,964 people, 1,168 houses or apartments, and a median cost of homes of $56,339, 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 65.63% of the city's housing units. Other types of housing that are prevalent in Mount Morris include duplexes, homes converted to apartments or other small apartment buildings ( 16.84%), large apartment complexes or high rise apartments ( 14.00%), and a few row houses and other attached homes ( 1.87%).

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 51.56% of the city's housing hails from this era. Other housing ages represented in Mount Morris include homes built before 1939 ( 26.47%) and housing constructed between 1970-1999 ( 19.13%). There's also some housing in Mount Morris built between 2000 and later ( 2.84%).

Vacant housing appears to be an issue in Mount Morris. Fully 19.06% 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

Homes have actually lost value in Mount Morris over the last then years, as home values have seen a decline of 31.36% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Mount Morris home appreciation rates at 0.16%, which equates to an annual appreciation rate of 0.64%.

Over the last year, Mount Morris appreciation rates have trailed the rest of the nation. In the last twelve months, Mount Morris's appreciation rate has been 1.98%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mount Morris were at 0.16%, which equates to an annual appreciation rate of 0.64%.

Relative to Michigan, our data show that Mount Morris's latest annual appreciation rate is lower than 80% 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:
$56,339

Mount Morris, MI HOME PRICES

Value Range
> $1,106,000 1.0
$830,001 - $1,106,000 0.0
$553,001 - $830,000 0.0
$443,001 - $553,000 0.0
$332,001 - $443,000 0.0
$221,001 - $332,000 0.0
$111,001 - $221,000 11.1
$55,001 - $111,000 38.5
$0 - $55,000 49.4

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.6464315012305 98.0769230769231

Number Of Homes And Apartments:
1,168

Mount Morris 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
-18.07% -1.15% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$698 / per month

Homeownership Rate

Homeownership
Owners 47.66
Renters 52.34
Vacant 19.06

Housing Market Details

 

Age of Homes

AGE OF Mount Morris HOMES
2000 or Newer 2.8
1970 - 1999 19.1
1940 - 1969 51.6
1939 or Older 26.5

Types of Homes

TYPE OF Mount Morris HOMES
Single-Family 65.6
Townhomes 1.9
Small Apt. Buildings 16.8
Apt. Complexes 14.0
Mobile Homes 1.7
Other 0.0

Home Size

SIZE OF Mount Morris HOMES
No Bedroom 3.88
1 Bedroom 14.41
2 Bedrooms 37.01
3 Bedrooms 27.51
4 Bedrooms 11.64
5 or more bedrooms 5.54