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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,247, 2,663 total housing units (homes and apartments), and a median house value of $257,110, Manistee 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 Manistee, accounting for 67.33% of the city's housing units. Other types of housing that are prevalent in Manistee include duplexes, homes converted to apartments or other small apartment buildings ( 12.22%), large apartment complexes or high rise apartments ( 11.06%), and a few row houses and other attached homes ( 9.40%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Manistee. Owner-occupied housing accounts for 74.18% of Manistee's homes, and 51.35% have either three or four bedrooms, which is average sized relative to America.
The housing in Manistee was primarily built before 1939 ( 38.71%), making the housing stock in Manistee some of the oldest overall in America, although there is a range of ages of homes in Manistee. The next most important housing age is between 1940-1969 ( 28.56%), followed by between 1970-1999 ( 24.61%). There's also some housing in Manistee built between 2000 and later ( 8.13%).
Vacant housing appears to be an issue in Manistee. Fully 24.86% of the housing stock is classified as vacant. Left unchecked, vacant Manistee homes and apartments can be a drag on the real estate market, holding Manistee 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.
In the last 10 years, Manistee has experienced some of the highest home appreciation rates of any community in the nation. Manistee real estate appreciated 119.97% over the last ten years, which is an average annual home appreciation rate of 8.20%, putting Manistee in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Manistee 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 Manistee that despite a nationwide downturn in the housing market, Manistee real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Manistee appreciation rates continue to be some of the highest in America, at 10.40%, which is higher than appreciation rates in 89.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Manistee. Manistee appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Manistee's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$257,110
for Michigan
for nation
2,663
$1,346 / per month