Niles, 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 Q1 2021. 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

Niles, MI Housing Market Trends

With 11,149 people, 4,811 houses or apartments, and a median cost of homes of $108,522, 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 64.67% of the city's housing units. Other types of housing that are prevalent in Niles include large apartment complexes or high rise apartments ( 21.06%), duplexes, homes converted to apartments or other small apartment buildings ( 11.78%), and a few row houses and other attached homes ( 2.32%).

The most prevalent building size and type in Niles are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.77% owning and 51.23% renting.

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 43.68% of the city's housing hails from this era. Other housing ages represented in Niles include homes built before 1939 ( 30.14%) and housing constructed between 1970-1999 ( 21.76%). There's also some housing in Niles built between 2000 and later ( 4.42%).

Vacant housing appears to be an issue in Niles. Fully 11.42% 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 2.66% 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 4.74%, 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 2.28%, which equates to an annual appreciation rate of 9.44%.

Relative to Michigan, our data show that Niles's latest annual appreciation rate is lower than 70% 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:
$108,522

Niles, MI HOME PRICES

> $1,161,000
0.0%
0.0%
$870,001 - $1,161,000
0.6%
0.6%
$580,001 - $870,000
0.0%
0.0%
$464,001 - $580,000
0.6%
0.6%
$348,001 - $464,000
0.0%
0.0%
$232,001 - $348,000
3.0%
3.0%
$116,001 - $232,000
31.3%
31.3%
$58,001 - $116,000
48.9%
48.9%
$0 - $58,000
15.6%
15.6%
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:
4,811

Niles Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
32.36% 1.33%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$831 / per month

Homeownership Rate

Owners
48.8%
48.8%
Renters
51.2%
51.2%
Vacant
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.4%
4.4%
1970 - 1999
21.8%
21.8%
1940 - 1969
43.7%
43.7%
1939 or Older
30.1%
30.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.7%
64.7%
Townhomes
2.3%
2.3%
Small Apt. Buildings
11.8%
11.8%
Apt. Complexes
21.1%
21.1%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
17.6%
17.6%
2 Bedrooms
29.4%
29.4%
3 Bedrooms
38.1%
38.1%
4 Bedrooms
11.1%
11.1%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES