Newberry, 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 Q4 2020. 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

Newberry, MI Housing Market Trends

With 1,397 people, 596 houses or apartments, and a median cost of homes of $77,098, house prices in Newberry are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Newberry, accounting for 82.70% of the village's housing units. Other types of housing that are prevalent in Newberry include duplexes, homes converted to apartments or other small apartment buildings ( 6.11%), mobile homes or trailers ( 5.59%), and a few large apartment complexes or high rise apartments ( 5.20%).

The most prevalent building size and type in Newberry are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 59.88% owning and 40.12% renting.

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. Newberry's housing was primarily built during this period, from the '40s through the '60s. A full 49.93% of the village's housing hails from this era. Other housing ages represented in Newberry include homes built before 1939 ( 30.04%) and housing constructed between 1970-1999 ( 17.82%). There's also some housing in Newberry built between 2000 and later ( 2.21%).

Vacant housing appears to be an issue in Newberry. Fully 22.50% of the housing stock is classified as vacant. Left unchecked, vacant Newberry homes and apartments can be a drag on the real estate market, holding Newberry 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.

Newberry Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Newberry, where house values have increased just 4.61%, which is annualized rate of 0.45%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Newberry that despite a nationwide downturn in the housing market, Newberry real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newberry appreciation rates continue to be some of the highest in America, at 6.39%, which is higher than appreciation rates in 71.47% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newberry. Newberry appreciation rates in the latest quarter were at 3.23%, which equates to an annual appreciation rate of 13.57%.

Importantly, this makes Newberry one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Michigan, our data show that Newberry's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$77,098

Newberry, MI HOME PRICES

> $1,091,000
0.0%
0.0%
$818,001 - $1,091,000
0.0%
0.0%
$545,001 - $818,000
0.0%
0.0%
$436,001 - $545,000
0.0%
0.0%
$328,001 - $436,000
0.3%
0.3%
$218,001 - $328,000
2.9%
2.9%
$109,001 - $218,000
20.1%
20.1%
$54,001 - $109,000
48.2%
48.2%
$0 - $54,000
28.4%
28.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
596

Newberry Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
10.09% 0.46%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$937 / per month

Homeownership Rate

Owners
59.9%
59.9%
Renters
40.1%
40.1%
Vacant
22.5%
22.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.2%
2.2%
1970 - 1999
17.8%
17.8%
1940 - 1969
49.9%
49.9%
1939 or Older
30.0%
30.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
82.7%
82.7%
Townhomes
0.4%
0.4%
Small Apt. Buildings
6.1%
6.1%
Apt. Complexes
5.2%
5.2%
Mobile Homes
5.6%
5.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
15.2%
15.2%
2 Bedrooms
29.3%
29.3%
3 Bedrooms
33.8%
33.8%
4 Bedrooms
18.1%
18.1%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Newberry

Popular Communities Near Newberry, MI

Zip Codes in Newberry, MI