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 1,950, 1,013 total housing units (homes and apartments), and a median house value of $559,273, Indian River house prices are not only among the most expensive in Michigan, Indian River 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 Indian River, accounting for 88.07% of the town's housing units. Other types of housing that are prevalent in Indian River include large apartment complexes or high rise apartments ( 5.60%), mobile homes or trailers ( 3.48%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.85%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Indian River. Owner-occupied housing accounts for 80.16% of Indian River's homes, and 73.97% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Indian River 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 Indian River built between 1940-1969 ( 21.07%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.57%). There's also some housing in Indian River built before 1939 ( 3.96%).
A decent proportion of the Indian River housing stock is seasonally occupied. That is, homes and condos in Indian River 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 Indian River housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Indian River has experienced some of the highest home appreciation rates of any community in the nation. Indian River real estate appreciated 120.26% over the last ten years, which is an average annual home appreciation rate of 8.22%, putting Indian River in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Indian River 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 Indian River that despite a nationwide downturn in the housing market, Indian River real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Indian River appreciation rates continue to be some of the highest in America, at 9.59%, which is higher than appreciation rates in 85.00% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Indian River. Indian River 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 Indian River's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.
$559,273
for Michigan
for nation
1,013
$1,411 / per month