Owosso, MI Housing Market Trends
With a population of 14,581, 6,221 total housing units (homes and apartments), and a median house value of $165,535, house prices in Owosso 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 Owosso, accounting for 69.90% of the city's housing units. Other types of housing that are prevalent in Owosso include duplexes, homes converted to apartments or other small apartment buildings ( 14.78%), large apartment complexes or high rise apartments ( 9.73%), and a few row houses and other attached homes ( 3.30%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Owosso. Owner-occupied housing accounts for 65.44% of Owosso's homes, and 57.70% 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. Owosso's housing was primarily built during this period, from the '40s through the '60s. A full 37.67% of the city's housing hails from this era. Other housing ages represented in Owosso include homes built before 1939 ( 35.02%) and housing constructed between 1970-1999 ( 23.05%). There's also some housing in Owosso built between 2000 and later ( 4.26%).
Vacant housing appears to be an issue in Owosso. Fully 12.26% of the housing stock is classified as vacant. Left unchecked, vacant Owosso homes and apartments can be a drag on the real estate market, holding Owosso 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.
Owosso Home Appreciation Rates
Appreciation rates for homes in Owosso have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 101.45%, which ranks in the top 40% nationwide. This equates to an annual average Owosso house appreciation rate of 7.25%.
Appreciation rates are so strong in Owosso that despite a nationwide downturn in the housing market, Owosso real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Owosso appreciation rates continue to be some of the highest in America, at 9.61%, which is higher than appreciation rates in 76.38% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Owosso. Owosso appreciation rates in the latest quarter were at 0.74%, which equates to an annual appreciation rate of 3.01%.
Relative to Michigan, our data show that Owosso'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 Owosso differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Owosso - 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 Owosso real estate investment or home purchase decisions.
Median Home Value
$165,535
Very Low
for Michigan
Very Low
for nation
Number of Homes And Apartments:
6,221
MI
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,239 / per month