Lake Orion, 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

Lake Orion, MI Housing Market Trends

With a population of 3,189, 1,365 total housing units (homes and apartments), and a median house value of $400,572, Lake Orion house prices are not only among the most expensive in Michigan, Lake Orion real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Lake Orion, accounting for 75.91% of the village's housing units. Other types of housing that are prevalent in Lake Orion include large apartment complexes or high rise apartments ( 13.99%), row houses and other attached homes ( 4.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.64%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Orion. Owner-occupied housing accounts for 69.50% of Lake Orion's homes, and 53.01% have either three or four bedrooms, which is average sized relative to America.

The housing in Lake Orion was primarily built before 1939 ( 32.87%), making the housing stock in Lake Orion some of the oldest overall in America, although there is a range of ages of homes in Lake Orion. The next most important housing age is between 1970-1999 ( 31.30%), followed by between 1940-1969 ( 22.96%). There's also some housing in Lake Orion built between 2000 and later ( 12.86%).

Vacant housing appears to be an issue in Lake Orion. Fully 14.37% of the housing stock is classified as vacant. Left unchecked, vacant Lake Orion homes and apartments can be a drag on the real estate market, holding Lake Orion 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.

Lake Orion Home Appreciation Rates

In the last 10 years, Lake Orion has experienced some of the highest home appreciation rates of any community in the nation. Lake Orion real estate appreciated 111.39% over the last ten years, which is an average annual home appreciation rate of 7.77%, putting Lake Orion in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake Orion 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, Lake Orion appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Orion's appreciation rate has been 7.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Orion were at 2.91%, which equates to an annual appreciation rate of 12.14%.

Relative to Michigan, our data show that Lake Orion's latest annual appreciation rate is lower 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 village. Individual neighborhoods within Lake Orion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Orion - 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 Lake Orion real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$400,572

Lake Orion 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
53.45% 2.01%
7
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,067 / per month

Homeownership Rate

Owners
69.5%
69.5%
Renters
30.5%
30.5%
Vacant
14.4%
14.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.9%
12.9%
1970 - 1999
31.3%
31.3%
1940 - 1969
23.0%
23.0%
1939 or Older
32.9%
32.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.9%
75.9%
Townhomes
4.8%
4.8%
Small Apt. Buildings
4.6%
4.6%
Apt. Complexes
14.0%
14.0%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
11.4%
11.4%
2 Bedrooms
30.9%
30.9%
3 Bedrooms
42.1%
42.1%
4 Bedrooms
10.9%
10.9%
5 or more bedrooms
2.9%
2.9%
0.0% 100.0%
% OF HOMES