West Olive, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating West Olive Neighborhoods Since 2000




West Olive, MI Real Estate Data


West Olive Housing Market Information

With 9,572 people, 1,602 houses or apartments, and a median cost of homes of $145,981, West Olive real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in West Olive, accounting for 81.50% of the town's housing units. Other types of housing that are prevalent in West Olive include mobile homes or trailers ( 17.22%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in West Olive. Owner-occupied housing accounts for 85.44% of West Olive's homes, and 73.02% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in West Olive built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in West Olive built between 2000 and later ( 17.37%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.25%). There's also some housing in West Olive built before 1939 ( 11.35%).

Vacant housing appears to be an issue in West Olive. Fully 10.06% of the housing stock is classified as vacant. Left unchecked, vacant West Olive homes and apartments can be a drag on the real estate market, holding West Olive 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.

West Olive Home Appreciation Rates

Appreciation rates for homes in West Olive have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.19%, which ranks in the top 50% nationwide. This equates to an annual average West Olive house appreciation rate of 0.41%.

Appreciation rates are so strong in West Olive that despite a nationwide downturn in the housing market, West Olive real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Olive appreciation rates continue to be some of the highest in America, at 8.16%, which is higher than appreciation rates in 86.77% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Olive. West Olive appreciation rates in the latest quarter were at -0.48%, which equates to an annual appreciation rate of -1.89%.

Notably, West Olive's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$145,981

West Olive, MI HOME PRICES

Value Range
> $1,173,000 0.5
$880,001 - $1,173,000 1.3
$587,001 - $880,000 2.9
$469,001 - $587,000 2.4
$352,001 - $469,000 7.5
$235,001 - $352,000 26.5
$117,001 - $235,000 33.8
$59,001 - $117,000 8.6
$0 - $59,000 14.5

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
51.3770069143326 38.7820512820513

Number Of Homes And Apartments:
1,602

Rent & Ownership

 

Average Market Rent:
$1,199 / per month

Homeownership Rate

Homeownership
Owners 85.44
Renters 14.56
Vacant 10.06

Housing Market Details

 

Age of Homes

AGE OF West Olive HOMES
2000 or Newer 17.4
1970 - 1999 56.0
1940 - 1969 15.3
1939 or Older 11.4

Types of Homes

TYPE OF West Olive HOMES
Single-Family 81.5
Townhomes 0.6
Small Apt. Buildings 0.2
Apt. Complexes 0.5
Mobile Homes 17.2
Other 0.0

Home Size

SIZE OF West Olive HOMES
No Bedroom 0.00
1 Bedroom 1.90
2 Bedrooms 19.52
3 Bedrooms 51.45
4 Bedrooms 21.57
5 or more bedrooms 5.56

West Olive Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
21.73% 1.15% 8 2
* 10 is highest

Popular Neighborhoods in West Olive

Zip Codes in West Olive, MI