Niles MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Niles, 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Niles Housing Market Information

With a population of 11,158, 1,427 total housing units (homes and apartments), and a median house value of $108,677, house prices in Niles 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 Niles, accounting for 76.85% of the city's housing units. Other types of housing that are prevalent in Niles include large apartment complexes or high rise apartments ( 10.52%), mobile homes or trailers ( 6.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.81%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Niles. Owner-occupied housing accounts for 68.21% of Niles's homes, and 60.38% have either three or four bedrooms, which is average sized relative to America.

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. Niles's housing was primarily built during this period, from the '40s through the '60s. A full 44.35% of the city's housing hails from this era. Other housing ages represented in Niles include homes built between 1970-1999 ( 30.15%) and housing constructed before 1939 ( 16.44%). There's also some housing in Niles built between 2000 and later ( 9.06%).

Vacant housing appears to be an issue in Niles. Fully 10.03% of the housing stock is classified as vacant. Left unchecked, vacant Niles homes and apartments can be a drag on the real estate market, holding Niles 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.

Niles Home Appreciation Rates

Real estate appreciation rates in Niles's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.13% during the period.

Over the last year, Niles appreciation rates have trailed the rest of the nation. In the last twelve months, Niles's appreciation rate has been 2.40%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Niles were at 2.02%, which equates to an annual appreciation rate of 8.32%.

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

Average Home Values

 

Median Home Value:
$108,677

Niles, MI HOME PRICES

Value Range
> $1,173,000 0.0
$880,001 - $1,173,000 0.4
$586,001 - $880,000 0.0
$469,001 - $586,000 0.3
$352,001 - $469,000 0.4
$235,001 - $352,000 2.3
$117,001 - $235,000 28.2
$59,001 - $117,000 52.6
$0 - $59,000 15.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
81.4306569343066 82.3717948717949

Number Of Homes And Apartments:
1,427

Niles Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
27.36% 1.19%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$899 / per month

Homeownership Rate

Homeownership
Owners 68.21
Renters 31.79
Vacant 10.03

Housing Market Details

 

Age of Homes

AGE OF Niles HOMES
2000 or Newer 9.1
1970 - 1999 30.2
1940 - 1969 44.3
1939 or Older 16.4

Types of Homes

TYPE OF Niles HOMES
Single-Family 76.9
Townhomes 1.4
Small Apt. Buildings 4.8
Apt. Complexes 10.5
Mobile Homes 6.4
Other 0.0

Home Size

SIZE OF Niles HOMES
No Bedroom 0.90
1 Bedroom 9.29
2 Bedrooms 26.78
3 Bedrooms 46.28
4 Bedrooms 14.10
5 or more bedrooms 2.65