Kalamazoo, 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 Q1 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

Kalamazoo, MI Housing Market Trends

With 76,200 people, 29,007 houses or apartments, and a median cost of homes of $149,177, house prices in Kalamazoo are solidly below the national average.

Single-family detached homes are the single most common housing type in Kalamazoo, accounting for 48.52% of the city's housing units. Other types of housing that are prevalent in Kalamazoo include large apartment complexes or high rise apartments ( 33.23%), duplexes, homes converted to apartments or other small apartment buildings ( 12.08%), and a few row houses and other attached homes ( 4.84%).

People in Kalamazoo primarily live in small (one, two or no bedroom) single-family detached homes. Kalamazoo 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. Kalamazoo's housing was primarily built during this period, from the '40s through the '60s. A full 35.07% of the city's housing hails from this era. Other housing ages represented in Kalamazoo include homes built between 1970-1999 ( 28.99%) and housing constructed before 1939 ( 28.01%). There's also some housing in Kalamazoo built between 2000 and later ( 7.92%).

Vacant housing appears to be an issue in Kalamazoo. Fully 10.36% of the housing stock is classified as vacant. Left unchecked, vacant Kalamazoo homes and apartments can be a drag on the real estate market, holding Kalamazoo 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.

Kalamazoo Home Appreciation Rates

Appreciation rates for homes in Kalamazoo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 56.97%, which ranks in the top 30% nationwide. This equates to an annual average Kalamazoo house appreciation rate of 4.61%.

Appreciation rates are so strong in Kalamazoo that despite a nationwide downturn in the housing market, Kalamazoo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Kalamazoo appreciation rates continue to be some of the highest in America, at 8.13%, which is higher than appreciation rates in 75.53% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Kalamazoo. Kalamazoo appreciation rates in the latest quarter were at 1.33%, which equates to an annual appreciation rate of 5.41%.

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

Relative to Michigan, our data show that Kalamazoo's latest annual appreciation rate is higher than 80% 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 Kalamazoo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kalamazoo - 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 Kalamazoo real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$149,177

Kalamazoo, MI HOME PRICES

> $1,291,000
0.3%
0.3%
$968,001 - $1,291,000
0.0%
0.0%
$646,001 - $968,000
1.7%
1.7%
$516,001 - $646,000
1.2%
1.2%
$387,001 - $516,000
2.7%
2.7%
$258,001 - $387,000
9.8%
9.8%
$129,001 - $258,000
36.8%
36.8%
$65,001 - $129,000
29.7%
29.7%
$0 - $65,000
17.8%
17.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for MI

Value Relative To Nation

Number Of Homes And Apartments:
29,007

Kalamazoo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
48.11% 1.87%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,020 / per month

Homeownership Rate

Owners
40.1%
40.1%
Renters
59.9%
59.9%
Vacant
10.4%
10.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.9%
7.9%
1970 - 1999
29.0%
29.0%
1940 - 1969
35.1%
35.1%
1939 or Older
28.0%
28.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
48.5%
48.5%
Townhomes
4.8%
4.8%
Small Apt. Buildings
12.1%
12.1%
Apt. Complexes
33.2%
33.2%
Mobile Homes
1.3%
1.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.5%
3.5%
1 Bedroom
18.0%
18.0%
2 Bedrooms
32.2%
32.2%
3 Bedrooms
29.1%
29.1%
4 Bedrooms
14.1%
14.1%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES