49816, Chatham, MI

The zip code of 49816 in Chatham, Michigan has a median home value of $119,000. This is higher than the state median home value of $117,500 and the national median home value of $177,200. The percentage of homes in this zip code that are valued at more than $200,000 is high compared to other zip codes in Michigan. Approximately one-third (32%) of homes in this zip code are valued at more than $200,000.

There are a number of factors that may contribute to the high home values in 49816. First, this area is affluent and has a high concentration of families with children who attend private schools. Second, there is a large number of luxury homes in this zip code. Third, there is a strong demand for housing due to the strong economy and low unemployment rate in Michigan. Fourth, property taxes are relatively low in this area compared to other parts of Michigan. Fifth, homeownership rates are high in 49816 which may contribute to the high home values. Sixth, there is limited available land for development which may also contribute to the high home values.

Despite the high home values in 49816 ZIP Code, it does not appear that prices will increase significantly over the next few years due to several factors including: 1) low interest rates; 2) limited availability of land for development; and 3) strong demand for housing due to an improving economy and low unemployment rate. However if you are looking for an opportunity to purchase a property within this ZIP Code at an affordable price then now may be your best chance as prices have already begun to decline modestly from their peak levels