Spring Lake, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Spring Lake Neighborhoods Since 2000




Spring Lake, 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

Spring Lake Housing Market Information

With 2,480 people, 1,100 houses or apartments, and a median cost of homes of $207,942, Spring Lake real estate is some of the most expensive in Michigan, although Spring Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Spring Lake, accounting for 73.07% of the village's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 13.43%), row houses and other attached homes ( 7.04%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spring Lake. Owner-occupied housing accounts for 79.68% of Spring Lake's homes, and 53.56% have either three or four bedrooms, which is average sized relative to America.

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. Spring Lake's housing was primarily built during this period, from the '40s through the '60s. A full 41.97% of the village's housing hails from this era. Other housing ages represented in Spring Lake include homes built before 1939 ( 23.18%) and housing constructed between 1970-1999 ( 22.16%). There's also some housing in Spring Lake built between 2000 and later ( 12.69%).

Vacant housing appears to be an issue in Spring Lake. Fully 19.30% of the housing stock is classified as vacant. Left unchecked, vacant Spring Lake homes and apartments can be a drag on the real estate market, holding Spring Lake 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.

Spring Lake Home Appreciation Rates

In the last 10 years, Spring Lake has experienced some of the highest home appreciation rates of any community in the nation. Spring Lake real estate appreciated 16.69% over the last ten years, which is an average annual home appreciation rate of 1.56%, putting Spring Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spring Lake definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Spring Lake that despite a nationwide downturn in the housing market, Spring Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spring Lake appreciation rates continue to be some of the highest in America, at 8.84%, which is higher than appreciation rates in 90.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spring Lake. Spring Lake appreciation rates in the latest quarter were at 3.68%, which equates to an annual appreciation rate of 15.57%.

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

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

Average Home Values

 

Median Home Value:
$207,942

Spring Lake, MI HOME PRICES

Value Range
> $1,264,000 1.5
$949,001 - $1,264,000 1.0
$632,001 - $949,000 1.6
$506,001 - $632,000 1.7
$379,001 - $506,000 8.1
$253,001 - $379,000 17.1
$126,001 - $253,000 52.7
$63,001 - $126,000 12.6
$0 - $63,000 3.6

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
30.3058713230986 14.2628205128205

Number Of Homes And Apartments:
1,100

Spring Lake 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
43.24% 2.10% 10 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$879 / per month

Homeownership Rate

Homeownership
Owners 79.68
Renters 20.32
Vacant 19.30

Housing Market Details

 

Age of Homes

AGE OF Spring Lake HOMES
2000 or Newer 12.7
1970 - 1999 22.2
1940 - 1969 42.0
1939 or Older 23.2

Types of Homes

TYPE OF Spring Lake HOMES
Single-Family 73.1
Townhomes 7.0
Small Apt. Buildings 6.5
Apt. Complexes 13.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Spring Lake HOMES
No Bedroom 0.59
1 Bedroom 10.20
2 Bedrooms 32.43
3 Bedrooms 42.48
4 Bedrooms 11.08
5 or more bedrooms 3.23