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 228, 117 total housing units (homes and apartments), and a median house value of $105,724, house prices in Prescott are some of the most affordable in Michigan as well as the nation.
Single-family detached homes are the single most common housing type in Prescott, accounting for 88.96% of the village's housing units. Other types of housing that are prevalent in Prescott include mobile homes or trailers ( 8.44%), duplexes, homes converted to apartments or other small apartment buildings ( 2.60%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prescott. Owner-occupied housing accounts for 90.60% of Prescott's homes, and 61.69% 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. Prescott's housing was primarily built during this period, from the '40s through the '60s. A full 43.51% of the village's housing hails from this era. Other housing ages represented in Prescott include homes built between 1970-1999 ( 32.47%) and housing constructed before 1939 ( 12.99%). There's also some housing in Prescott built between 2000 and later ( 11.04%).
Vacant housing appears to be an issue in Prescott. Fully 24.03% of the housing stock is classified as vacant. Left unchecked, vacant Prescott homes and apartments can be a drag on the real estate market, holding Prescott 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.
Appreciation rates for homes in Prescott have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 108.47%, which ranks in the top 30% nationwide. This equates to an annual average Prescott house appreciation rate of 7.62%.
Appreciation rates are so strong in Prescott that despite a nationwide downturn in the housing market, Prescott real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Prescott appreciation rates continue to be some of the highest in America, at 10.14%, which is higher than appreciation rates in 80.72% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Prescott. Prescott appreciation rates in the latest quarter were at 2.54%, which equates to an annual appreciation rate of 10.57%.
Importantly, this makes Prescott 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 Prescott's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.
$105,724
for Michigan
for nation
117
$1,350 / per month