Newberry, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Newberry, MI Real Estate Data


Newberry Housing Market Information

With 1,455 people, 638 houses or apartments, and a median cost of homes of $79,644, house prices in Newberry 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 Newberry, accounting for 78.22% of the village's housing units. Other types of housing that are prevalent in Newberry include duplexes, homes converted to apartments or other small apartment buildings ( 9.47%), mobile homes or trailers ( 7.22%), and a few large apartment complexes or high rise apartments ( 4.73%).

The most prevalent building size and type in Newberry are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 62.26% owning and 37.74% renting.

The housing in Newberry was primarily built before 1939 ( 42.01%), making the housing stock in Newberry some of the oldest overall in America, although there is a range of ages of homes in Newberry. The next most important housing age is between 1940-1969 ( 35.03%), followed by between 1970-1999 ( 20.00%). There's also some housing in Newberry built between 2000 and later ( 2.96%).

Vacant housing appears to be an issue in Newberry. Fully 24.50% of the housing stock is classified as vacant. Left unchecked, vacant Newberry homes and apartments can be a drag on the real estate market, holding Newberry 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.

Newberry Home Appreciation Rates

Newberry's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Newberry during the period has been just -1.30%, which is lower than 80% of US communities.

Over the last year, Newberry appreciation rates have trailed the rest of the nation. In the last twelve months, Newberry's appreciation rate has been 3.42%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Newberry were at 1.43%, which equates to an annual appreciation rate of 5.84%.

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

Average Home Values

 

Median Home Value:
$79,644

Newberry, MI HOME PRICES

Value Range
> $1,122,000 0.0
$842,001 - $1,122,000 0.0
$561,001 - $842,000 0.0
$449,001 - $561,000 0.4
$337,001 - $449,000 1.2
$224,001 - $337,000 2.1
$112,001 - $224,000 21.4
$56,001 - $112,000 42.2
$0 - $56,000 32.7

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
91.4387773028049 92.9487179487179

Number Of Homes And Apartments:
638

Rent & Ownership

 

Average Market Rent:
$800 / per month

Homeownership Rate

Homeownership
Owners 62.26
Renters 37.74
Vacant 24.50

Housing Market Details

 

Age of Homes

AGE OF Newberry HOMES
2000 or Newer 3.0
1970 - 1999 20.0
1940 - 1969 35.0
1939 or Older 42.0

Types of Homes

TYPE OF Newberry HOMES
Single-Family 78.2
Townhomes 0.4
Small Apt. Buildings 9.5
Apt. Complexes 4.7
Mobile Homes 7.2
Other 0.0

Home Size

SIZE OF Newberry HOMES
No Bedroom 0.83
1 Bedroom 8.28
2 Bedrooms 29.23
3 Bedrooms 43.91
4 Bedrooms 15.50
5 or more bedrooms 2.25

Newberry Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
12.99% 0.72% 7 1
* 10 is highest

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Zip Codes in Newberry, MI