Munising, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Munising, 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

Munising Housing Market Information

With 2,288 people, 909 houses or apartments, and a median cost of homes of $127,023, house prices in Munising are solidly below the national average.

Single-family detached homes are the single most common housing type in Munising, accounting for 71.42% of the city's housing units. Other types of housing that are prevalent in Munising include large apartment complexes or high rise apartments ( 11.24%), duplexes, homes converted to apartments or other small apartment buildings ( 10.13%), and a few mobile homes or trailers ( 7.21%).

Dwellings in Munising tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 50.99% of the homes in Munising have two or fewer bedrooms.

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. Munising's housing was primarily built during this period, from the '40s through the '60s. A full 36.14% of the city's housing hails from this era. Other housing ages represented in Munising include homes built before 1939 ( 34.76%) and housing constructed between 1970-1999 ( 25.67%). There's also some housing in Munising built between 2000 and later ( 3.43%).

Vacant housing appears to be an issue in Munising. Fully 21.97% of the housing stock is classified as vacant. Left unchecked, vacant Munising homes and apartments can be a drag on the real estate market, holding Munising 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.

Munising Home Appreciation Rates

Appreciation rates for homes in Munising have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.89%, which ranks in the top 50% nationwide. This equates to an annual average Munising house appreciation rate of 0.19%.

Over the last year, Munising appreciation rates have trailed the rest of the nation. In the last twelve months, Munising's appreciation rate has been 1.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Munising were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Munising's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$127,023

Munising, MI HOME PRICES

Value Range
> $1,075,000 0.3
$806,001 - $1,075,000 0.2
$537,001 - $806,000 0.7
$430,001 - $537,000 1.2
$322,001 - $430,000 5.0
$215,001 - $322,000 11.8
$107,001 - $215,000 38.9
$54,001 - $107,000 25.9
$0 - $54,000 16.1

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
61.3910699636705 52.5641025641026

Number Of Homes And Apartments:
909

Munising 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
25.44% 1.32% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$815 / per month

Homeownership Rate

Homeownership
Owners 66.62
Renters 33.38
Vacant 21.97

Housing Market Details

 

Age of Homes

AGE OF Munising HOMES
2000 or Newer 3.4
1970 - 1999 25.7
1940 - 1969 36.1
1939 or Older 34.8

Types of Homes

TYPE OF Munising HOMES
Single-Family 71.4
Townhomes 0.0
Small Apt. Buildings 10.1
Apt. Complexes 11.2
Mobile Homes 7.2
Other 0.0

Home Size

SIZE OF Munising HOMES
No Bedroom 2.40
1 Bedroom 15.97
2 Bedrooms 32.62
3 Bedrooms 35.11
4 Bedrooms 11.67
5 or more bedrooms 2.23

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Zip Codes in Munising, MI