Three Rivers, MI Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Three Rivers, MI Housing Market Trends

With 7,623 people, 2,936 houses or apartments, and a median cost of homes of $112,292, 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 68.09% of the city's housing units. Other types of housing that are prevalent in Three Rivers include large apartment complexes or high rise apartments ( 22.71%), duplexes, homes converted to apartments or other small apartment buildings ( 6.59%), and a few mobile homes or trailers ( 2.08%).

People in Three Rivers primarily live in small (one, two or no bedroom) single-family detached homes. Three Rivers 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. Three Rivers's housing was primarily built during this period, from the '40s through the '60s. A full 34.53% of the city's housing hails from this era. Other housing ages represented in Three Rivers include homes built before 1939 ( 33.16%) and housing constructed between 1970-1999 ( 25.01%). There's also some housing in Three Rivers built between 2000 and later ( 7.31%).

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 3.54% during the period.

NeighborhoodScout's data show that during the latest twelve months, Three Rivers's appreciation rate, at 10.30%, has been at or slightly above the national average. In the latest quarter, Three Rivers's appreciation rate has been 3.12%, which annualizes to a rate of 13.09%.

Relative to Michigan, our data show that Three Rivers's latest annual appreciation rate is higher than 60% 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:
$112,292

Three Rivers, MI HOME PRICES

> $1,230,000
0.0%
0.0%
$922,001 - $1,230,000
0.0%
0.0%
$615,001 - $922,000
0.4%
0.4%
$492,001 - $615,000
0.1%
0.1%
$369,001 - $492,000
3.2%
3.2%
$246,001 - $369,000
3.9%
3.9%
$123,001 - $246,000
28.4%
28.4%
$62,001 - $123,000
47.3%
47.3%
$0 - $62,000
16.7%
16.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
2,936

Three Rivers Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
47.39% 1.82%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$985 / per month

Homeownership Rate

Owners
51.9%
51.9%
Renters
48.1%
48.1%
Vacant
8.7%
8.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.3%
7.3%
1970 - 1999
25.0%
25.0%
1940 - 1969
34.5%
34.5%
1939 or Older
33.2%
33.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
68.1%
68.1%
Townhomes
0.5%
0.5%
Small Apt. Buildings
6.6%
6.6%
Apt. Complexes
22.7%
22.7%
Mobile Homes
2.1%
2.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.3%
2.3%
1 Bedroom
16.7%
16.7%
2 Bedrooms
29.3%
29.3%
3 Bedrooms
32.4%
32.4%
4 Bedrooms
15.3%
15.3%
5 or more bedrooms
4.0%
4.0%
0.0% 100.0%
% OF HOMES