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 897, 354 total housing units (homes and apartments), and a median house value of $195,825, house prices in Farwell are solidly below the national average.
Single-family detached homes are the single most common housing type in Farwell, accounting for 63.28% of the village's housing units. Other types of housing that are prevalent in Farwell include large apartment complexes or high rise apartments ( 21.34%), mobile homes or trailers ( 12.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.23%).
The most prevalent building size and type in Farwell are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 63.56% owning and 36.44% renting.
There is a lot of housing in Farwell built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farwell built between 1940-1969 ( 34.00%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.18%). There's also some housing in Farwell built before 1939 ( 7.44%).
Vacant housing appears to be an issue in Farwell. Fully 12.16% of the housing stock is classified as vacant. Left unchecked, vacant Farwell homes and apartments can be a drag on the real estate market, holding Farwell 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, Farwell has experienced some of the highest home appreciation rates of any community in the nation. Farwell real estate appreciated 130.37% over the last ten years, which is an average annual home appreciation rate of 8.70%, putting Farwell in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Farwell 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 Farwell that despite a nationwide downturn in the housing market, Farwell real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Farwell appreciation rates continue to be some of the highest in America, at 19.02%, which is higher than appreciation rates in 99.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Farwell. Farwell 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 Farwell's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$195,825
for Michigan
for nation
354
$1,239 / per month