Spring Lake, 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

Spring Lake, MI Housing Market Trends

With 2,497 people, 1,240 houses or apartments, and a median cost of homes of $314,598, Spring Lake real estate is some of the most expensive in Michigan, although Spring Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Spring Lake, accounting for 64.56% of the village's housing units. Other types of housing that are prevalent in Spring Lake include row houses and other attached homes ( 15.11%), large apartment complexes or high rise apartments ( 13.32%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.01%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spring Lake. Owner-occupied housing accounts for 85.13% of Spring Lake's homes, and 62.29% 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. Spring Lake's housing was primarily built during this period, from the '40s through the '60s. A full 35.23% of the village's housing hails from this era. Other housing ages represented in Spring Lake include homes built between 1970-1999 ( 31.46%) and housing constructed before 1939 ( 21.02%). There's also some housing in Spring Lake built between 2000 and later ( 12.29%).

Vacant housing appears to be an issue in Spring Lake. Fully 14.84% of the housing stock is classified as vacant. Left unchecked, vacant Spring Lake homes and apartments can be a drag on the real estate market, holding Spring Lake 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.

Spring Lake Home Appreciation Rates

In the last 10 years, Spring Lake has experienced some of the highest home appreciation rates of any community in the nation. Spring Lake real estate appreciated 114.64% over the last ten years, which is an average annual home appreciation rate of 7.94%, putting Spring Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Spring Lake definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Spring Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Spring Lake's appreciation rate has been 13.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spring Lake were at 0.94%, which equates to an annual appreciation rate of 3.81%.

Notably, Spring Lake's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Michigan, our data show that Spring Lake's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$314,598

Spring Lake, MI HOME PRICES

> $1,428,000
$1,071,001 - $1,428,000
$714,001 - $1,071,000
$571,001 - $714,000
$428,001 - $571,000
$286,001 - $428,000
$142,001 - $286,000
$72,001 - $142,000
$0 - $72,000
1.5%
1.5%
0.0%
0.0%
4.4%
4.4%
8.4%
8.4%
10.7%
10.7%
34.6%
34.6%
35.4%
35.4%
4.0%
4.0%
0.8%
0.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,240

Spring Lake 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
139.44% 4.00%
10
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$990 / per month

Homeownership Rate

Owners
Renters
Vacant
85.1%
85.1%
14.9%
14.9%
14.8%
14.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.3%
12.3%
31.5%
31.5%
35.2%
35.2%
21.0%
21.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
64.6%
64.6%
15.1%
15.1%
7.0%
7.0%
13.3%
13.3%
0.0%
0.0%
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
2.7%
2.7%
6.7%
6.7%
27.0%
27.0%
43.7%
43.7%
18.6%
18.6%
1.3%
1.3%
0.0% 100.0%
% OF HOMES