Sault Ste. Marie, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Sault Ste. Marie, 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

Sault Ste. Marie Housing Market Information

With 13,827 people, 5,666 houses or apartments, and a median cost of homes of $93,430, house prices in Sault Ste. Marie are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Sault Ste. Marie, accounting for 59.69% of the city's housing units. Other types of housing that are prevalent in Sault Ste. Marie include large apartment complexes or high rise apartments ( 17.21%), duplexes, homes converted to apartments or other small apartment buildings ( 11.26%), and a few mobile homes or trailers ( 7.52%).

The most prevalent building size and type in Sault Ste. Marie are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.32% owning and 47.68% renting.

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. Sault Ste. Marie's housing was primarily built during this period, from the '40s through the '60s. A full 34.45% of the city's housing hails from this era. Other housing ages represented in Sault Ste. Marie include homes built before 1939 ( 28.52%) and housing constructed between 1970-1999 ( 25.91%). There's also some housing in Sault Ste. Marie built between 2000 and later ( 11.12%).

Sault Ste. Marie Home Appreciation Rates

Real estate appreciation rates in Sault Ste. Marie's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.37% during the period.

Over the last year, Sault Ste. Marie appreciation rates have trailed the rest of the nation. In the last twelve months, Sault Ste. Marie's appreciation rate has been 2.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Sault Ste. Marie were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Sault Ste. Marie's latest annual appreciation rate is lower 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 Sault Ste. Marie differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sault Ste. Marie - 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 Sault Ste. Marie real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$93,430

Sault Ste. Marie, MI HOME PRICES

Value Range
> $1,043,000 0.0
$782,001 - $1,043,000 0.0
$522,001 - $782,000 1.5
$417,001 - $522,000 0.8
$313,001 - $417,000 1.9
$209,001 - $313,000 4.2
$104,001 - $209,000 29.4
$52,001 - $104,000 42.2
$0 - $52,000 19.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
81.7561232860659 81.3301282051282

Number Of Homes And Apartments:
5,666

Sault Ste. Marie 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
14.27% 0.78% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$893 / per month

Homeownership Rate

Homeownership
Owners 52.32
Renters 47.68
Vacant 9.98

Housing Market Details

 

Age of Homes

AGE OF Sault Ste. Marie HOMES
2000 or Newer 11.1
1970 - 1999 25.9
1940 - 1969 34.4
1939 or Older 28.5

Types of Homes

TYPE OF Sault Ste. Marie HOMES
Single-Family 59.7
Townhomes 4.2
Small Apt. Buildings 11.3
Apt. Complexes 17.2
Mobile Homes 7.5
Other 0.1

Home Size

SIZE OF Sault Ste. Marie HOMES
No Bedroom 1.59
1 Bedroom 16.33
2 Bedrooms 29.14
3 Bedrooms 39.63
4 Bedrooms 11.12
5 or more bedrooms 2.19

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Zip Codes in Sault Ste. Marie, MI