Norton Shores, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Norton Shores Neighborhoods Since 2000




Norton Shores, 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

Norton Shores Housing Market Information

With 24,208 people, 10,020 houses or apartments, and a median cost of homes of $173,275, Norton Shores real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Norton Shores, accounting for 73.63% of the city's housing units. Other types of housing that are prevalent in Norton Shores include large apartment complexes or high rise apartments ( 10.77%), mobile homes or trailers ( 8.31%), and a few row houses and other attached homes ( 4.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norton Shores. Owner-occupied housing accounts for 82.28% of Norton Shores's homes, and 60.93% 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. Norton Shores's housing was primarily built during this period, from the '40s through the '60s. A full 43.06% of the city's housing hails from this era. Other housing ages represented in Norton Shores include homes built between 1970-1999 ( 35.79%) and housing constructed between 2000 and later ( 14.73%). There's also some housing in Norton Shores built before 1939 ( 6.42%).

Norton Shores Home Appreciation Rates

Real estate appreciation rates in Norton Shores's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.04% during the period.

Appreciation rates are so strong in Norton Shores that despite a nationwide downturn in the housing market, Norton Shores real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norton Shores appreciation rates continue to be some of the highest in America, at 13.19%, which is higher than appreciation rates in 98.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norton Shores. Norton Shores appreciation rates in the latest quarter were at 1.76%, which equates to an annual appreciation rate of 7.23%.

Importantly, this makes Norton Shores 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 Norton Shores's latest annual appreciation rate is higher than 90% 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 Norton Shores differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norton Shores - 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 Norton Shores real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$173,275

Norton Shores, MI HOME PRICES

Value Range
> $1,257,000 0.4
$943,001 - $1,257,000 0.8
$629,001 - $943,000 1.1
$503,001 - $629,000 1.2
$377,001 - $503,000 4.0
$251,001 - $377,000 12.5
$126,001 - $251,000 36.0
$63,001 - $126,000 30.9
$0 - $63,000 13.1

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
40.5133013008321 24.6794871794872

Number Of Homes And Apartments:
10,020

Norton Shores 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
9.04% 0.50% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,135 / per month

Homeownership Rate

Homeownership
Owners 82.28
Renters 17.72
Vacant 8.57

Housing Market Details

 

Age of Homes

AGE OF Norton Shores HOMES
2000 or Newer 14.7
1970 - 1999 35.8
1940 - 1969 43.1
1939 or Older 6.4

Types of Homes

TYPE OF Norton Shores HOMES
Single-Family 73.6
Townhomes 4.5
Small Apt. Buildings 2.7
Apt. Complexes 10.8
Mobile Homes 8.3
Other 0.1

Home Size

SIZE OF Norton Shores HOMES
No Bedroom 1.23
1 Bedroom 5.92
2 Bedrooms 28.03
3 Bedrooms 44.03
4 Bedrooms 16.90
5 or more bedrooms 3.89