Three Rivers, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Three Rivers Neighborhoods Since 2000




Three Rivers, 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

Three Rivers Housing Market Information

With 7,752 people, 2,942 houses or apartments, and a median cost of homes of $87,797, house prices in Three Rivers 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 Three Rivers, accounting for 66.78% of the city's housing units. Other types of housing that are prevalent in Three Rivers include large apartment complexes or high rise apartments ( 23.66%), duplexes, homes converted to apartments or other small apartment buildings ( 5.26%), and a few mobile homes or trailers ( 3.79%).

The most prevalent building size and type in Three Rivers are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.65% owning and 47.35% 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. Three Rivers's housing was primarily built during this period, from the '40s through the '60s. A full 34.00% of the city's housing hails from this era. Other housing ages represented in Three Rivers include homes built before 1939 ( 29.43%) and housing constructed between 1970-1999 ( 28.29%). There's also some housing in Three Rivers built between 2000 and later ( 8.28%).

Vacant housing appears to be an issue in Three Rivers. Fully 12.10% of the housing stock is classified as vacant. Left unchecked, vacant Three Rivers homes and apartments can be a drag on the real estate market, holding Three Rivers 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.

Three Rivers Home Appreciation Rates

Real estate appreciation rates in Three Rivers's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.59% during the period.

Appreciation rates are so strong in Three Rivers that despite a nationwide downturn in the housing market, Three Rivers real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Three Rivers appreciation rates continue to be some of the highest in America, at 5.76%, which is higher than appreciation rates in 71.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Three Rivers. Three Rivers appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Three Rivers'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 Three Rivers differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Three Rivers - 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 Three Rivers real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$87,797

Three Rivers, MI HOME PRICES

Value Range
> $1,113,000 0.0
$835,001 - $1,113,000 0.0
$557,001 - $835,000 0.0
$446,001 - $557,000 0.2
$334,001 - $446,000 1.3
$223,001 - $334,000 2.7
$112,001 - $223,000 22.8
$56,001 - $112,000 45.2
$0 - $56,000 27.8

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
85.6146724481425 86.8589743589744

Number Of Homes And Apartments:
2,942

Three Rivers 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
15.17% 0.82% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$793 / per month

Homeownership Rate

Homeownership
Owners 52.65
Renters 47.35
Vacant 12.10

Housing Market Details

 

Age of Homes

AGE OF Three Rivers HOMES
2000 or Newer 8.3
1970 - 1999 28.3
1940 - 1969 34.0
1939 or Older 29.4

Types of Homes

TYPE OF Three Rivers HOMES
Single-Family 66.8
Townhomes 0.5
Small Apt. Buildings 5.3
Apt. Complexes 23.7
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Three Rivers HOMES
No Bedroom 4.30
1 Bedroom 10.73
2 Bedrooms 29.34
3 Bedrooms 37.35
4 Bedrooms 14.94
5 or more bedrooms 3.35