Rockford, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Rockford, MI Real Estate Data


Rockford Housing Market Information

With a population of 6,134, 2,322 total housing units (homes and apartments), and a median house value of $177,073, Rockford 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 Rockford, accounting for 65.89% of the city's housing units. Other types of housing that are prevalent in Rockford include large apartment complexes or high rise apartments ( 14.42%), duplexes, homes converted to apartments or other small apartment buildings ( 12.66%), and a few row houses and other attached homes ( 7.03%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rockford. Owner-occupied housing accounts for 71.34% of Rockford's homes, and 56.29% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Rockford 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 Rockford built between 2000 and later ( 21.24%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.50%). There's also some housing in Rockford built before 1939 ( 11.36%).

Rockford Home Appreciation Rates

Appreciation rates for homes in Rockford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.52%, which ranks in the top 50% nationwide. This equates to an annual average Rockford house appreciation rate of 0.63%.

Appreciation rates are so strong in Rockford that despite a nationwide downturn in the housing market, Rockford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rockford appreciation rates continue to be some of the highest in America, at 6.58%, which is higher than appreciation rates in 80.88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rockford. Rockford appreciation rates in the latest quarter were at 3.58%, which equates to an annual appreciation rate of 15.13%.

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

Relative to Michigan, our data show that Rockford's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rockford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rockford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rockford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$177,073

Rockford, MI HOME PRICES

Value Range
> $1,275,000 0.0
$956,001 - $1,275,000 0.0
$637,001 - $956,000 0.0
$510,001 - $637,000 0.1
$382,001 - $510,000 1.4
$255,001 - $382,000 7.2
$128,001 - $255,000 72.6
$64,001 - $128,000 16.0
$0 - $64,000 2.7

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
40.3290976166774 23.8782051282051

Number Of Homes And Apartments:
2,322

Rent & Ownership

 

Average Market Rent:
$741 / per month

Homeownership Rate

Homeownership
Owners 71.34
Renters 28.66
Vacant 5.15

Housing Market Details

 

Age of Homes

AGE OF Rockford HOMES
2000 or Newer 21.2
1970 - 1999 54.9
1940 - 1969 12.5
1939 or Older 11.4

Types of Homes

TYPE OF Rockford HOMES
Single-Family 65.9
Townhomes 7.0
Small Apt. Buildings 12.7
Apt. Complexes 14.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Rockford HOMES
No Bedroom 0.00
1 Bedroom 9.35
2 Bedrooms 30.02
3 Bedrooms 33.46
4 Bedrooms 22.83
5 or more bedrooms 4.33

Rockford 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
23.55% 1.25% 8 2
* 10 is highest