Olivet, 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

Olivet, MI Housing Market Trends

With 1,762 people, 371 houses or apartments, and a median cost of homes of $175,575, house prices in Olivet are solidly below the national average.

Single-family detached homes are the single most common housing type in Olivet, accounting for 53.88% of the city's housing units. Other types of housing that are prevalent in Olivet include large apartment complexes or high rise apartments ( 30.37%), duplexes, homes converted to apartments or other small apartment buildings ( 15.07%).

Olivet is dominated by renter-occupied one, two, or no bedrooms apartments. 70.74% of Olivet's dwellings are rentals.

The housing in Olivet was primarily built before 1939 ( 45.43%), making the housing stock in Olivet some of the oldest overall in America, although there is a range of ages of homes in Olivet. The next most important housing age is between 1940-1969 ( 29.00%), followed by between 1970-1999 ( 24.20%). There's also some housing in Olivet built between 2000 and later ( 1.37%).

Vacant housing appears to be an issue in Olivet. Fully 15.30% of the housing stock is classified as vacant. Left unchecked, vacant Olivet homes and apartments can be a drag on the real estate market, holding Olivet 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.

Olivet Home Appreciation Rates

Appreciation rates for homes in Olivet have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.45%, which ranks in the top 40% nationwide. This equates to an annual average Olivet house appreciation rate of 4.31%.

Over the last year, Olivet appreciation rates have trailed the rest of the nation. In the last twelve months, Olivet's appreciation rate has been 8.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Olivet were at 2.81%, which equates to an annual appreciation rate of 11.72%.

Relative to Michigan, our data show that Olivet's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$175,575

Olivet, MI HOME PRICES

> $1,239,000
0.0%
0.0%
$929,001 - $1,239,000
0.0%
0.0%
$619,001 - $929,000
0.2%
0.2%
$495,001 - $619,000
2.8%
2.8%
$372,001 - $495,000
4.2%
4.2%
$248,001 - $372,000
14.4%
14.4%
$124,001 - $248,000
50.5%
50.5%
$62,001 - $124,000
22.4%
22.4%
$0 - $62,000
5.5%
5.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for MI

Value Relative To Nation

Number Of Homes And Apartments:
371

Olivet 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
37.15% 1.48%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$991 / per month

Homeownership Rate

Owners
29.3%
29.3%
Renters
70.7%
70.7%
Vacant
15.3%
15.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.4%
1.4%
1970 - 1999
24.2%
24.2%
1940 - 1969
29.0%
29.0%
1939 or Older
45.4%
45.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.9%
53.9%
Townhomes
0.0%
0.0%
Small Apt. Buildings
15.1%
15.1%
Apt. Complexes
30.4%
30.4%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.8%
4.8%
1 Bedroom
19.2%
19.2%
2 Bedrooms
31.1%
31.1%
3 Bedrooms
30.8%
30.8%
4 Bedrooms
12.1%
12.1%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES