St. Joseph, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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St. Joseph, 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

St. Joseph Housing Market Information

With a population of 8,286, 4,013 total housing units (homes and apartments), and a median house value of $256,211, St. Joseph real estate is some of the most expensive in Michigan, although St. Joseph home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in St. Joseph, accounting for 60.76% of the city's housing units. Other types of housing that are prevalent in St. Joseph include large apartment complexes or high rise apartments ( 22.24%), duplexes, homes converted to apartments or other small apartment buildings ( 15.00%), and a few row houses and other attached homes ( 1.65%).

People in St. Joseph primarily live in small (one, two or no bedroom) single-family detached homes. St. Joseph has a mixture of owner-occupied and renter-occupied housing.

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. St. Joseph's housing was primarily built during this period, from the '40s through the '60s. A full 37.11% of the city's housing hails from this era. Other housing ages represented in St. Joseph include homes built before 1939 ( 34.70%) and housing constructed between 1970-1999 ( 20.79%). There's also some housing in St. Joseph built between 2000 and later ( 7.40%).

Vacant housing appears to be an issue in St. Joseph. Fully 12.91% of the housing stock is classified as vacant. Left unchecked, vacant St. Joseph homes and apartments can be a drag on the real estate market, holding St. Joseph 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.

St. Joseph Home Appreciation Rates

Appreciation rates for homes in St. Joseph have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.27%, which ranks in the top 50% nationwide. This equates to an annual average St. Joseph house appreciation rate of 0.42%.

Appreciation rates are so strong in St. Joseph that despite a nationwide downturn in the housing market, St. Joseph real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, St. Joseph appreciation rates continue to be some of the highest in America, at 5.73%, which is higher than appreciation rates in 71.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in St. Joseph. St. Joseph appreciation rates in the latest quarter were at 0.27%, which equates to an annual appreciation rate of 1.07%.

Relative to Michigan, our data show that St. Joseph's latest annual appreciation rate is higher than 50% 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 St. Joseph differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in St. Joseph - 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 St. Joseph real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$256,211

St. Joseph, MI HOME PRICES

Value Range
> $1,154,000 1.0
$865,001 - $1,154,000 2.3
$577,001 - $865,000 4.5
$461,001 - $577,000 3.9
$346,001 - $461,000 9.7
$231,001 - $346,000 12.7
$115,001 - $231,000 53.3
$58,001 - $115,000 7.3
$0 - $58,000 5.5

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
21.6336575647486 7.53205128205128

Number Of Homes And Apartments:
4,013

St. Joseph 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
32.82% 1.66% 9 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$903 / per month

Homeownership Rate

Homeownership
Owners 56.69
Renters 43.31
Vacant 12.91

Housing Market Details

 

Age of Homes

AGE OF St. Joseph HOMES
2000 or Newer 7.4
1970 - 1999 20.8
1940 - 1969 37.1
1939 or Older 34.7

Types of Homes

TYPE OF St. Joseph HOMES
Single-Family 60.8
Townhomes 1.6
Small Apt. Buildings 15.0
Apt. Complexes 22.2
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF St. Joseph HOMES
No Bedroom 2.41
1 Bedroom 17.51
2 Bedrooms 35.85
3 Bedrooms 30.86
4 Bedrooms 9.77
5 or more bedrooms 3.60