South Range, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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South Range, 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

South Range Housing Market Information

With a population of 746, 326 total housing units (homes and apartments), and a median house value of $137,942, house prices in South Range are solidly below the national average.

Single-family detached homes are the single most common housing type in South Range, accounting for 75.18% of the village's housing units. Other types of housing that are prevalent in South Range include large apartment complexes or high rise apartments ( 10.40%), duplexes, homes converted to apartments or other small apartment buildings ( 10.17%), and a few mobile homes or trailers ( 4.26%).

Dwellings in South Range tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 53.43% of the homes in South Range have two or fewer bedrooms.

The housing in South Range was primarily built before 1939 ( 55.56%), making the housing stock in South Range some of the oldest overall in America, although there is a range of ages of homes in South Range. The next most important housing age is between 1970-1999 ( 27.66%), followed by between 1940-1969 ( 9.22%). There's also some housing in South Range built between 2000 and later ( 7.57%).

Vacant housing appears to be an issue in South Range. Fully 22.93% of the housing stock is classified as vacant. Left unchecked, vacant South Range homes and apartments can be a drag on the real estate market, holding South Range real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

South Range Home Appreciation Rates

In the last 10 years, South Range has experienced some of the highest home appreciation rates of any community in the nation. South Range real estate appreciated 16.65% over the last ten years, which is an average annual home appreciation rate of 1.55%, putting South Range in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, South Range definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, South Range's appreciation rate, at 4.92%, has been at or slightly above the national average. In the latest quarter, South Range's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$137,942

South Range, MI HOME PRICES

Value Range
> $1,086,000 0.1
$815,001 - $1,086,000 0.2
$543,001 - $815,000 0.8
$434,001 - $543,000 2.5
$326,001 - $434,000 6.7
$217,001 - $326,000 14.3
$109,001 - $217,000 29.0
$54,001 - $109,000 31.2
$0 - $54,000 15.2

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
55.7834290401969 44.3910256410256

Number Of Homes And Apartments:
326

South Range 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
48.55% 2.32% 10 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$981 / per month

Homeownership Rate

Homeownership
Owners 69.84
Renters 30.16
Vacant 22.93

Housing Market Details

 

Age of Homes

AGE OF South Range HOMES
2000 or Newer 7.6
1970 - 1999 27.7
1940 - 1969 9.2
1939 or Older 55.6

Types of Homes

TYPE OF South Range HOMES
Single-Family 75.2
Townhomes 0.0
Small Apt. Buildings 10.2
Apt. Complexes 10.4
Mobile Homes 4.3
Other 0.0

Home Size

SIZE OF South Range HOMES
No Bedroom 5.91
1 Bedroom 7.09
2 Bedrooms 40.43
3 Bedrooms 32.62
4 Bedrooms 13.00
5 or more bedrooms 0.95

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Zip Codes in South Range, MI