Norton Shores, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Norton Shores, MI Real Estate Data


Norton Shores Housing Market Information

With a population of 24,208, 10,061 total housing units (homes and apartments), and a median house value of $153,694, 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 73.82% of the city's housing units. Other types of housing that are prevalent in Norton Shores include large apartment complexes or high rise apartments ( 10.17%), mobile homes or trailers ( 8.38%), and a few row houses and other attached homes ( 4.94%).

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 84.21% of Norton Shores's homes, and 60.63% 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 44.03% of the city's housing hails from this era. Other housing ages represented in Norton Shores include homes built between 1970-1999 ( 34.85%) and housing constructed between 2000 and later ( 14.13%). There's also some housing in Norton Shores built before 1939 ( 6.99%).

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 -0.32% during the period.

NeighborhoodScout's data show that during the latest twelve months, Norton Shores's appreciation rate, at 5.69%, has been at or slightly above the national average. In the latest quarter, Norton Shores's appreciation rate has been 6.87%, which annualizes to a rate of 30.46%.

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 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 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:
$153,694

Norton Shores, MI HOME PRICES

Value Range
> $1,243,000 0.2
$932,001 - $1,243,000 0.5
$621,001 - $932,000 1.3
$498,001 - $621,000 1.2
$373,001 - $498,000 3.9
$249,001 - $373,000 10.7
$124,001 - $249,000 39.2
$62,001 - $124,000 31.0
$0 - $62,000 11.9

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
49.1538326403935 35.4166666666667

Number Of Homes And Apartments:
10,061

Rent & Ownership

 

Average Market Rent:
$1,227 / per month

Homeownership Rate

Homeownership
Owners 84.21
Renters 15.79
Vacant 7.50

Housing Market Details

 

Age of Homes

AGE OF Norton Shores HOMES
2000 or Newer 14.1
1970 - 1999 34.9
1940 - 1969 44.0
1939 or Older 7.0

Types of Homes

TYPE OF Norton Shores HOMES
Single-Family 73.8
Townhomes 4.9
Small Apt. Buildings 2.6
Apt. Complexes 10.2
Mobile Homes 8.4
Other 0.1

Home Size

SIZE OF Norton Shores HOMES
No Bedroom 0.77
1 Bedroom 5.93
2 Bedrooms 28.38
3 Bedrooms 44.06
4 Bedrooms 16.58
5 or more bedrooms 4.28

Norton Shores 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
5.30% 0.30% 5 1
* 10 is highest