Grass Lake, 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

Grass Lake, MI Housing Market Trends

With a population of 1,145, 482 total housing units (homes and apartments), and a median house value of $257,647, Grass Lake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Grass Lake, accounting for 77.24% of the village's housing units. Other types of housing that are prevalent in Grass Lake include duplexes, homes converted to apartments or other small apartment buildings ( 16.73%), large apartment complexes or high rise apartments ( 3.70%), and a few row houses and other attached homes ( 1.95%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grass Lake. Owner-occupied housing accounts for 73.86% of Grass Lake's homes, and 59.34% have either three or four bedrooms, which is average sized relative to America.

The housing in Grass Lake was primarily built before 1939 ( 46.30%), making the housing stock in Grass Lake some of the oldest overall in America, although there is a range of ages of homes in Grass Lake. The next most important housing age is between 1940-1969 ( 19.46%), followed by between 1970-1999 ( 17.12%). There's also some housing in Grass Lake built between 2000 and later ( 17.12%).

Grass Lake Home Appreciation Rates

In the last 10 years, Grass Lake has experienced some of the highest home appreciation rates of any community in the nation. Grass Lake real estate appreciated 69.10% over the last ten years, which is an average annual home appreciation rate of 5.39%, putting Grass Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grass Lake definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Grass Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Grass Lake's appreciation rate has been 6.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Grass Lake were at 2.60%, which equates to an annual appreciation rate of 10.82%.

Relative to Michigan, our data show that Grass Lake's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$257,647

Grass Lake, MI HOME PRICES

> $1,235,000
0.7%
0.7%
$926,001 - $1,235,000
0.8%
0.8%
$618,001 - $926,000
0.0%
0.0%
$494,001 - $618,000
1.4%
1.4%
$371,001 - $494,000
14.9%
14.9%
$247,001 - $371,000
37.3%
37.3%
$124,001 - $247,000
34.0%
34.0%
$62,001 - $124,000
6.8%
6.8%
$0 - $62,000
4.0%
4.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
482

Grass Lake 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
29.05% 1.19%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$970 / per month

Homeownership Rate

Owners
73.9%
73.9%
Renters
26.1%
26.1%
Vacant
6.2%
6.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
17.1%
17.1%
1970 - 1999
17.1%
17.1%
1940 - 1969
19.5%
19.5%
1939 or Older
46.3%
46.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
77.2%
77.2%
Townhomes
1.9%
1.9%
Small Apt. Buildings
16.7%
16.7%
Apt. Complexes
3.7%
3.7%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
5.8%
5.8%
2 Bedrooms
30.4%
30.4%
3 Bedrooms
43.2%
43.2%
4 Bedrooms
16.1%
16.1%
5 or more bedrooms
4.5%
4.5%
0.0% 100.0%
% OF HOMES