Essexville, 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

Essexville, MI Housing Market Trends

With 3,278 people, 1,389 houses or apartments, and a median cost of homes of $110,521, house prices in Essexville 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 Essexville, accounting for 94.44% of the city's housing units. Other types of housing that are prevalent in Essexville include row houses and other attached homes ( 3.82%), duplexes, homes converted to apartments or other small apartment buildings ( 1.74%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Essexville. Owner-occupied housing accounts for 87.05% of Essexville's homes, and 74.84% 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. Essexville's housing was primarily built during this period, from the '40s through the '60s. A full 64.49% of the city's housing hails from this era. Other housing ages represented in Essexville include homes built before 1939 ( 21.26%) and housing constructed between 1970-1999 ( 10.98%). There's also some housing in Essexville built between 2000 and later ( 3.27%).

Essexville Home Appreciation Rates

Essexville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Essexville during the period has been just 2.43%, which is lower than 70% of US communities.

Appreciation rates are so strong in Essexville that despite a nationwide downturn in the housing market, Essexville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Essexville appreciation rates continue to be some of the highest in America, at 11.02%, which is higher than appreciation rates in 76.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Essexville. Essexville appreciation rates in the latest quarter were at 3.01%, which equates to an annual appreciation rate of 12.59%.

Relative to Michigan, our data show that Essexville's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$110,521

Essexville, MI HOME PRICES

> $1,199,000
0.0%
0.0%
$900,001 - $1,199,000
0.0%
0.0%
$600,001 - $900,000
0.0%
0.0%
$480,001 - $600,000
0.0%
0.0%
$360,001 - $480,000
0.6%
0.6%
$240,001 - $360,000
2.8%
2.8%
$120,001 - $240,000
32.5%
32.5%
$60,001 - $120,000
62.1%
62.1%
$0 - $60,000
2.0%
2.0%
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:
1,389

Essexville 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
12.65% 0.56%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,302 / per month

Homeownership Rate

Owners
87.1%
87.1%
Renters
12.9%
12.9%
Vacant
3.5%
3.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.3%
3.3%
1970 - 1999
11.0%
11.0%
1940 - 1969
64.5%
64.5%
1939 or Older
21.3%
21.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
94.4%
94.4%
Townhomes
3.8%
3.8%
Small Apt. Buildings
1.7%
1.7%
Apt. Complexes
0.0%
0.0%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
1.6%
1.6%
2 Bedrooms
21.6%
21.6%
3 Bedrooms
58.1%
58.1%
4 Bedrooms
16.7%
16.7%
5 or more bedrooms
1.9%
1.9%
0.0% 100.0%
% OF HOMES

Zip Codes in Essexville, MI