Dowagiac, MI Real Estate Market
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 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Dowagiac, MI Housing Market Trends
With a population of 5,600, 2,541 total housing units (homes and apartments), and a median house value of $188,528, house prices in Dowagiac are solidly below the national average.
Single-family detached homes are the single most common housing type in Dowagiac, accounting for 66.60% of the city's housing units. Other types of housing that are prevalent in Dowagiac include large apartment complexes or high rise apartments ( 19.08%), duplexes, homes converted to apartments or other small apartment buildings ( 11.23%), and a few row houses and other attached homes ( 2.41%).
The most prevalent building size and type in Dowagiac are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.12% owning and 43.88% 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. Dowagiac's housing was primarily built during this period, from the '40s through the '60s. A full 33.09% of the city's housing hails from this era. Other housing ages represented in Dowagiac include homes built before 1939 ( 31.92%) and housing constructed between 1970-1999 ( 27.24%). There's also some housing in Dowagiac built between 2000 and later ( 7.75%).
Vacant housing appears to be an issue in Dowagiac. Fully 12.50% of the housing stock is classified as vacant. Left unchecked, vacant Dowagiac homes and apartments can be a drag on the real estate market, holding Dowagiac 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.
Dowagiac Home Appreciation Rates
Appreciation rates for homes in Dowagiac have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.15%, which ranks in the top 50% nationwide. This equates to an annual average Dowagiac house appreciation rate of 6.91%.
Over the last year, Dowagiac appreciation rates have trailed the rest of the nation. In the last twelve months, Dowagiac's appreciation rate has been 2.69%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Dowagiac were at 1.36%, which equates to an annual appreciation rate of 5.55%.
Relative to Michigan, our data show that Dowagiac's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Dowagiac differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Dowagiac - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Dowagiac real estate investment or home purchase decisions.
Median Home Value
$188,528
Low
for Michigan
Low
for nation
Number of Homes And Apartments:
2,541
MI
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,024 / per month