Smiths Creek, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Smiths Creek, 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

Smiths Creek Housing Market Information

With 9,209 people, 1,899 houses or apartments, and a median cost of homes of $137,350, house prices in Smiths Creek are solidly below the national average.

Single-family detached homes are the single most common housing type in Smiths Creek, accounting for 82.36% of the town's housing units. Other types of housing that are prevalent in Smiths Creek include mobile homes or trailers ( 13.53%), large apartment complexes or high rise apartments ( 1.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.56%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Smiths Creek. Owner-occupied housing accounts for 87.31% of Smiths Creek's homes, and 69.27% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Smiths Creek 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 Smiths Creek built between 1940-1969 ( 25.61%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.74%). There's also some housing in Smiths Creek built before 1939 ( 8.39%).

Smiths Creek Home Appreciation Rates

Smiths Creek's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Smiths Creek during the period has been just -1.09%, which is lower than 70% of US communities.

Appreciation rates are so strong in Smiths Creek that despite a nationwide downturn in the housing market, Smiths Creek real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Smiths Creek appreciation rates continue to be some of the highest in America, at 8.19%, which is higher than appreciation rates in 87.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Smiths Creek. Smiths Creek appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

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

Relative to Michigan, our data show that Smiths Creek's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$137,350

Smiths Creek, MI HOME PRICES

Value Range
> $1,234,000 0.0
$926,001 - $1,234,000 0.0
$617,001 - $926,000 0.0
$494,001 - $617,000 0.0
$371,001 - $494,000 3.4
$247,001 - $371,000 11.1
$123,001 - $247,000 38.7
$62,001 - $123,000 30.1
$0 - $62,000 16.7

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
56.070549630845 44.8717948717949

Number Of Homes And Apartments:
1,899

Smiths Creek 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
-2.68% -0.16% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$875 / per month

Homeownership Rate

Homeownership
Owners 87.31
Renters 12.69
Vacant 8.04

Housing Market Details

 

Age of Homes

AGE OF Smiths Creek HOMES
2000 or Newer 24.7
1970 - 1999 41.3
1940 - 1969 25.6
1939 or Older 8.4

Types of Homes

TYPE OF Smiths Creek HOMES
Single-Family 82.4
Townhomes 0.6
Small Apt. Buildings 1.6
Apt. Complexes 1.8
Mobile Homes 13.5
Other 0.2

Home Size

SIZE OF Smiths Creek HOMES
No Bedroom 0.36
1 Bedroom 1.53
2 Bedrooms 24.46
3 Bedrooms 55.83
4 Bedrooms 13.45
5 or more bedrooms 4.38

Popular Neighborhoods in Smiths Creek

Zip Codes in Smiths Creek, MI