Norton Shores, 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

Norton Shores, MI Housing Market Trends

With 24,664 people, 9,901 houses or apartments, and a median cost of homes of $208,583, Norton Shores 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 Norton Shores, accounting for 73.01% of the city's housing units. Other types of housing that are prevalent in Norton Shores include large apartment complexes or high rise apartments ( 11.62%), mobile homes or trailers ( 8.58%), and a few row houses and other attached homes ( 5.23%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norton Shores. Owner-occupied housing accounts for 80.55% of Norton Shores's homes, and 62.01% 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. Norton Shores's housing was primarily built during this period, from the '40s through the '60s. A full 43.33% of the city's housing hails from this era. Other housing ages represented in Norton Shores include homes built between 1970-1999 ( 36.68%) and housing constructed between 2000 and later ( 17.18%). There's also some housing in Norton Shores built before 1939 ( 2.81%).

Norton Shores Home Appreciation Rates

In the last 10 years, Norton Shores has experienced some of the highest home appreciation rates of any community in the nation. Norton Shores real estate appreciated 97.32% over the last ten years, which is an average annual home appreciation rate of 7.03%, putting Norton Shores in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Norton Shores definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Norton Shores that despite a nationwide downturn in the housing market, Norton Shores real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norton Shores appreciation rates continue to be some of the highest in America, at 13.28%, which is higher than appreciation rates in 90.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norton Shores. Norton Shores appreciation rates in the latest quarter were at 2.85%, which equates to an annual appreciation rate of 11.89%.

Relative to Michigan, our data show that Norton Shores's latest annual appreciation rate is higher than 90% 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 Norton Shores differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norton Shores - 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 Norton Shores real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$208,583

Norton Shores, MI HOME PRICES

> $1,386,000
0.5%
0.5%
$1,040,001 - $1,386,000
1.4%
1.4%
$693,001 - $1,040,000
0.9%
0.9%
$555,001 - $693,000
2.1%
2.1%
$416,001 - $555,000
5.7%
5.7%
$277,001 - $416,000
16.9%
16.9%
$138,001 - $277,000
38.7%
38.7%
$69,001 - $138,000
22.0%
22.0%
$0 - $69,000
11.8%
11.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
9,901

Norton Shores 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
57.24% 2.13%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,363 / per month

Homeownership Rate

Owners
80.5%
80.5%
Renters
19.5%
19.5%
Vacant
8.3%
8.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
17.2%
17.2%
1970 - 1999
36.7%
36.7%
1940 - 1969
43.3%
43.3%
1939 or Older
2.8%
2.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.0%
73.0%
Townhomes
5.2%
5.2%
Small Apt. Buildings
1.6%
1.6%
Apt. Complexes
11.6%
11.6%
Mobile Homes
8.6%
8.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.3%
1.3%
1 Bedroom
3.3%
3.3%
2 Bedrooms
28.7%
28.7%
3 Bedrooms
44.8%
44.8%
4 Bedrooms
17.2%
17.2%
5 or more bedrooms
4.7%
4.7%
0.0% 100.0%
% OF HOMES