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 2,532, 1,271 total housing units (homes and apartments), and a median house value of $418,931, 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 65.07% of the village's housing units. Other types of housing that are prevalent in Spring Lake include large apartment complexes or high rise apartments ( 15.81%), row houses and other attached homes ( 15.60%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.51%).
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 86.66% of Spring Lake's homes, and 63.81% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Spring Lake 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 Spring Lake built between 1940-1969 ( 28.95%). A lesser amount of the housing stock also hails from before 1939 ( 25.86%). There's also some housing in Spring Lake built between 2000 and later ( 14.34%).
Vacant housing appears to be an issue in Spring Lake. Fully 10.68% 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.
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 131.59% over the last ten years, which is an average annual home appreciation rate of 8.76%, 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.
NeighborhoodScout's data show that during the latest twelve months, Spring Lake's appreciation rate, at 7.74%, has been at or slightly above the national average. In the latest quarter, Spring Lake's appreciation rate has been 3.40%, which annualizes to a rate of 14.32%.
Importantly, this makes Spring Lake 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 Spring Lake's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.
$418,931
for Michigan
for nation
1,271
$1,482 / per month