Reese, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Reese, MI Real Estate Data


Reese Housing Market Information

With 1,408 people, 735 houses or apartments, and a median cost of homes of $130,803, house prices in Reese are solidly below the national average.

Single-family detached homes are the single most common housing type in Reese, accounting for 66.80% of the village's housing units. Other types of housing that are prevalent in Reese include mobile homes or trailers ( 13.59%), large apartment complexes or high rise apartments ( 9.02%), and a few row houses and other attached homes ( 6.14%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Reese. Owner-occupied housing accounts for 76.19% of Reese's homes, and 55.29% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Reese 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 Reese built between 1940-1969 ( 33.99%). A lesser amount of the housing stock also hails from before 1939 ( 17.39%). There's also some housing in Reese built between 2000 and later ( 10.07%).

Reese Home Appreciation Rates

Reese's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Reese during the period has been just -0.79%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Reese's appreciation rate, at 4.63%, has been at or slightly above the national average. In the latest quarter, Reese's appreciation rate has been 1.46%, which annualizes to a rate of 5.97%.

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

Average Home Values

 

Median Home Value:
$130,803

Reese, MI HOME PRICES

Value Range
> $1,133,000 0.9
$850,001 - $1,133,000 0.3
$567,001 - $850,000 0.1
$453,001 - $567,000 0.3
$340,001 - $453,000 0.7
$227,001 - $340,000 9.3
$113,001 - $227,000 49.0
$57,001 - $113,000 26.9
$0 - $57,000 12.6

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
60.3560344322773 50.4807692307692

Number Of Homes And Apartments:
735

Rent & Ownership

 

Average Market Rent:
$823 / per month

Homeownership Rate

Homeownership
Owners 76.19
Renters 23.81
Vacant 3.92

Housing Market Details

 

Age of Homes

AGE OF Reese HOMES
2000 or Newer 10.1
1970 - 1999 38.6
1940 - 1969 34.0
1939 or Older 17.4

Types of Homes

TYPE OF Reese HOMES
Single-Family 66.8
Townhomes 6.1
Small Apt. Buildings 4.4
Apt. Complexes 9.0
Mobile Homes 13.6
Other 0.0

Home Size

SIZE OF Reese HOMES
No Bedroom 0.00
1 Bedroom 7.58
2 Bedrooms 34.38
3 Bedrooms 48.10
4 Bedrooms 7.19
5 or more bedrooms 2.75

Reese 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
-3.85% -0.23% 3 1
* 10 is highest