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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Paw Paw, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Paw Paw, MI Housing Market Trends

With 3,395 people, 1,369 houses or apartments, and a median cost of homes of $203,581, house prices in Paw Paw are solidly below the national average.

Single-family detached homes are the single most common housing type in Paw Paw, accounting for 60.25% of the village's housing units. Other types of housing that are prevalent in Paw Paw include large apartment complexes or high rise apartments ( 23.59%), duplexes, homes converted to apartments or other small apartment buildings ( 11.64%), and a few mobile homes or trailers ( 4.52%).

People in Paw Paw primarily live in small (one, two or no bedroom) single-family detached homes. Paw Paw has a mixture of owner-occupied and renter-occupied housing.

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. Paw Paw's housing was primarily built during this period, from the '40s through the '60s. A full 31.16% of the village's housing hails from this era. Other housing ages represented in Paw Paw include homes built between 1970-1999 ( 31.03%) and housing constructed before 1939 ( 29.86%). There's also some housing in Paw Paw built between 2000 and later ( 7.95%).

Vacant housing appears to be an issue in Paw Paw. Fully 11.51% of the housing stock is classified as vacant. Left unchecked, vacant Paw Paw homes and apartments can be a drag on the real estate market, holding Paw Paw 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.

Paw Paw Home Appreciation Rates

Appreciation rates for homes in Paw Paw have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.53%, which ranks in the top 50% nationwide. This equates to an annual average Paw Paw house appreciation rate of 6.55%.

Appreciation rates are so strong in Paw Paw that despite a nationwide downturn in the housing market, Paw Paw real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Paw Paw appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Paw Paw. Paw Paw appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Paw Paw one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Michigan, our data show that Paw Paw's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$203,581

Paw Paw, MI Home Prices
> $1,264,000
$948,001 - $1,264,000
$632,001 - $948,000
$506,001 - $632,000
$379,001 - $506,000
$253,001 - $379,000
$126,001 - $253,000
$63,001 - $126,000
$0 - $63,000
0.4%
0.4%
0.9%
0.9%
2.8%
2.8%
6.5%
6.5%
8.2%
8.2%
15.0%
15.0%
43.4%
43.4%
16.8%
16.8%
6.1%
6.1%
0% 100.0%
% of Homes
Low

for Michigan

Low

for nation

Number of Homes And Apartments:

1,369

Paw Paw Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,334 / per month

Homeownership Rate

Owners
Renters
49.7%
49.7%
50.3%
50.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.5%
11.5%
88.5%
88.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.0%
8.0%
31.0%
31.0%
31.2%
31.2%
29.9%
29.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.2%
60.2%
0.0%
0.0%
11.6%
11.6%
23.6%
23.6%
4.5%
4.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.7%
4.7%
19.7%
19.7%
39.8%
39.8%
21.7%
21.7%
9.4%
9.4%
4.6%
4.6%
0% 100.0%
% of Homes