Petoskey, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Petoskey, MI Real Estate Data


Petoskey Housing Market Information

With a population of 5,719, 2,684 total housing units (homes and apartments), and a median house value of $243,573, Petoskey real estate is some of the most expensive in Michigan, although Petoskey home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Petoskey, accounting for 53.08% of the city's housing units. Other types of housing that are prevalent in Petoskey include large apartment complexes or high rise apartments ( 24.83%), duplexes, homes converted to apartments or other small apartment buildings ( 18.02%), and a few row houses and other attached homes ( 3.81%).

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

There is a lot of housing in Petoskey 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 Petoskey built before 1939 ( 30.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.66%). There's also some housing in Petoskey built between 2000 and later ( 5.51%).

Vacant housing appears to be an issue in Petoskey. Fully 24.18% of the housing stock is classified as vacant. Left unchecked, vacant Petoskey homes and apartments can be a drag on the real estate market, holding Petoskey 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.

Petoskey Home Appreciation Rates

Real estate appreciation rates in Petoskey's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.09% during the period.

NeighborhoodScout's data show that during the latest twelve months, Petoskey's appreciation rate, at 4.42%, has been at or slightly above the national average. In the latest quarter, Petoskey's appreciation rate has been 1.43%, which annualizes to a rate of 5.84%.

Relative to Michigan, our data show that Petoskey's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$243,573

Petoskey, MI HOME PRICES

Value Range
> $1,187,000 2.9
$891,001 - $1,187,000 0.5
$594,001 - $891,000 7.6
$475,001 - $594,000 3.4
$356,001 - $475,000 6.5
$238,001 - $356,000 22.8
$119,001 - $238,000 42.0
$60,001 - $119,000 10.0
$0 - $60,000 4.2

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
24.1377291093283 8.17307692307692

Number Of Homes And Apartments:
2,684

Rent & Ownership

 

Average Market Rent:
$951 / per month

Homeownership Rate

Homeownership
Owners 52.38
Renters 47.62
Vacant 24.18

Housing Market Details

 

Age of Homes

AGE OF Petoskey HOMES
2000 or Newer 5.5
1970 - 1999 39.5
1940 - 1969 24.7
1939 or Older 30.3

Types of Homes

TYPE OF Petoskey HOMES
Single-Family 53.1
Townhomes 3.8
Small Apt. Buildings 18.0
Apt. Complexes 24.8
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Petoskey HOMES
No Bedroom 4.35
1 Bedroom 15.25
2 Bedrooms 30.11
3 Bedrooms 30.76
4 Bedrooms 15.48
5 or more bedrooms 4.04

Petoskey 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
27.55% 1.44% 9 3
* 10 is highest