Paw Paw, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Paw Paw Neighborhoods Since 2000




Paw Paw, 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

Paw Paw Housing Market Information

With a population of 3,455, 1,288 total housing units (homes and apartments), and a median house value of $125,748, 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 53.39% of the village's housing units. Other types of housing that are prevalent in Paw Paw include large apartment complexes or high rise apartments ( 26.24%), duplexes, homes converted to apartments or other small apartment buildings ( 16.71%), and a few mobile homes or trailers ( 1.89%).

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.

There is a lot of housing in Paw Paw built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Paw Paw built before 1939 ( 35.77%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.15%). There's also some housing in Paw Paw built between 2000 and later ( 1.63%).

Vacant housing appears to be an issue in Paw Paw. Fully 15.93% 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

Real estate appreciation rates in Paw Paw's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.74% during the period.

NeighborhoodScout's data show that during the latest twelve months, Paw Paw's appreciation rate, at 4.28%, has been at or slightly above the national average. In the latest quarter, Paw Paw's appreciation rate has been 0.23%, which annualizes to a rate of 0.92%.

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

Average Home Values

 

Median Home Value:
$125,748

Paw Paw, MI HOME PRICES

Value Range
> $1,106,000 0.0
$830,001 - $1,106,000 0.0
$553,001 - $830,000 0.8
$442,001 - $553,000 2.6
$332,001 - $442,000 3.1
$221,001 - $332,000 14.5
$111,001 - $221,000 35.9
$55,001 - $111,000 36.3
$0 - $55,000 6.7

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
62.1528184694715 54.0064102564103

Number Of Homes And Apartments:
1,288

Paw Paw 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
12.71% 0.70% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$858 / per month

Homeownership Rate

Homeownership
Owners 38.04
Renters 61.96
Vacant 15.93

Housing Market Details

 

Age of Homes

AGE OF Paw Paw HOMES
2000 or Newer 1.6
1970 - 1999 38.4
1940 - 1969 24.2
1939 or Older 35.8

Types of Homes

TYPE OF Paw Paw HOMES
Single-Family 53.4
Townhomes 1.8
Small Apt. Buildings 16.7
Apt. Complexes 26.2
Mobile Homes 1.9
Other 0.0

Home Size

SIZE OF Paw Paw HOMES
No Bedroom 1.11
1 Bedroom 22.91
2 Bedrooms 34.79
3 Bedrooms 27.48
4 Bedrooms 9.86
5 or more bedrooms 3.85