Ravenna, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ravenna, 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

Ravenna Housing Market Information

With a population of 1,213, 422 total housing units (homes and apartments), and a median house value of $158,339, Ravenna 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 Ravenna, accounting for 80.69% of the village's housing units. Other types of housing that are prevalent in Ravenna include large apartment complexes or high rise apartments ( 12.88%), row houses and other attached homes ( 3.00%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.36%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ravenna. Owner-occupied housing accounts for 71.01% of Ravenna's homes, and 54.72% 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. Ravenna's housing was primarily built during this period, from the '40s through the '60s. A full 37.12% of the village's housing hails from this era. Other housing ages represented in Ravenna include homes built between 1970-1999 ( 32.83%) and housing constructed before 1939 ( 15.67%). There's also some housing in Ravenna built between 2000 and later ( 14.38%).

Ravenna Home Appreciation Rates

Appreciation rates for homes in Ravenna have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.27%, which ranks in the top 40% nationwide. This equates to an annual average Ravenna house appreciation rate of 0.61%.

Appreciation rates are so strong in Ravenna that despite a nationwide downturn in the housing market, Ravenna real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ravenna appreciation rates continue to be some of the highest in America, at 12.83%, which is higher than appreciation rates in 98.31% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ravenna. Ravenna appreciation rates in the latest quarter were at 1.76%, which equates to an annual appreciation rate of 7.23%.

Importantly, this makes Ravenna 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 Ravenna's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$158,339

Ravenna, MI HOME PRICES

Value Range
> $1,289,000 1.8
$967,001 - $1,289,000 0.2
$644,001 - $967,000 0.4
$515,001 - $644,000 0.9
$386,001 - $515,000 2.0
$258,001 - $386,000 10.3
$129,001 - $258,000 50.6
$65,001 - $129,000 25.2
$0 - $65,000 8.5

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
46.4227118246807 32.2115384615385

Number Of Homes And Apartments:
422

Ravenna 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
20.68% 1.10% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$999 / per month

Homeownership Rate

Homeownership
Owners 71.01
Renters 28.99
Vacant 9.44

Housing Market Details

 

Age of Homes

AGE OF Ravenna HOMES
2000 or Newer 14.4
1970 - 1999 32.8
1940 - 1969 37.1
1939 or Older 15.7

Types of Homes

TYPE OF Ravenna HOMES
Single-Family 80.7
Townhomes 3.0
Small Apt. Buildings 2.4
Apt. Complexes 12.9
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Ravenna HOMES
No Bedroom 0.00
1 Bedroom 8.15
2 Bedrooms 34.12
3 Bedrooms 44.42
4 Bedrooms 10.30
5 or more bedrooms 3.00