48831, Elsie, MI

Elsie, Michigan is located in the southeastern corner of the state and has a population of just over 2,000. The median household income in Elsie is just over $50,000, which is significantly lower than the statewide median of $60,000. In addition to low incomes, Elsie also has a high rate of unemployment – nearly 20%.

Despite these challenges, home prices in Elsie have been relatively stable over the past few years. The average home price in Elsie was $128,500 as of September 2017. This represents an increase of just 1% from 2016 and is well below the statewide average growth rate of 5%.

One reason for this stability may be that there are relatively few homes available for sale in Elsie. As of September 2017 there were only 97 homes for sale in Elsie compared to a statewide average of 315 homes available for sale each month. This limited supply may help to keep prices stable despite low incomes and high unemployment rates.

Despite these positive trends, there are some concerns that could impact home prices in Elsie down the road. One potential issue is that interest rates could rise which would make it more difficult for people to afford a home. Another potential issue is that economic conditions could worsen which would lead to more people looking to buy or sell their homes and drive up prices even further.