New Buffalo, 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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Buffalo, MI Housing Market Trends

With a population of 1,708, 827 total housing units (homes and apartments), and a median house value of $569,705, New Buffalo house prices are not only among the most expensive in Michigan, New Buffalo 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 New Buffalo, accounting for 68.76% of the city's housing units. Other types of housing that are prevalent in New Buffalo include large apartment complexes or high rise apartments ( 16.47%), duplexes, homes converted to apartments or other small apartment buildings ( 9.76%), and a few row houses and other attached homes ( 4.65%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Buffalo. Owner-occupied housing accounts for 75.94% of New Buffalo's homes, and 51.76% 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. New Buffalo's housing was primarily built during this period, from the '40s through the '60s. A full 37.47% of the city's housing hails from this era. Other housing ages represented in New Buffalo include homes built between 1970-1999 ( 34.82%) and housing constructed between 2000 and later ( 18.65%). There's also some housing in New Buffalo built before 1939 ( 9.06%).

A decent proportion of the New Buffalo housing stock is seasonally occupied. That is, homes and condos in New Buffalo are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the New Buffalo housing market speaks to its popularity as a vacation location of choice.

New Buffalo Home Appreciation Rates

Appreciation rates for homes in New Buffalo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 59.68%, which ranks in the top 50% nationwide. This equates to an annual average New Buffalo house appreciation rate of 4.79%.

Over the last year, New Buffalo appreciation rates have trailed the rest of the nation. In the last twelve months, New Buffalo's appreciation rate has been 11.60%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Buffalo were at 1.24%, which equates to an annual appreciation rate of 5.04%.

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

Average Home Values

 

Median Home Value:
$569,705

New Buffalo, MI HOME PRICES

> $1,294,000
$970,001 - $1,294,000
$647,001 - $970,000
$517,001 - $647,000
$388,001 - $517,000
$259,001 - $388,000
$129,001 - $259,000
$64,001 - $129,000
$0 - $64,000
12.8%
12.8%
7.4%
7.4%
12.4%
12.4%
9.7%
9.7%
12.5%
12.5%
19.4%
19.4%
19.9%
19.9%
4.8%
4.8%
0.9%
0.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
827

New Buffalo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
119.31% 3.59%
10
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,351 / per month

Homeownership Rate

Owners
Renters
Vacant
75.9%
75.9%
24.1%
24.1%
51.4%
51.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.6%
18.6%
34.8%
34.8%
37.5%
37.5%
9.1%
9.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.8%
68.8%
4.6%
4.6%
9.8%
9.8%
16.5%
16.5%
0.4%
0.4%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.2%
6.2%
10.2%
10.2%
26.5%
26.5%
36.6%
36.6%
15.2%
15.2%
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in New Buffalo

Zip Codes in New Buffalo, MI