Carleton, MI—48117
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Carleton, MI
As of Oct '25, the median home price in Carleton, MI is $312,000, with a year-over-year change of 5.1%. This indicates that home prices in Carleton, MI are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $312,000 | 5.1% |
| Single Family | $316,000 | 5.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $214,000 | 7.0% |
3 Bed | $302,000 | 4.9% |
4 Bed | $356,000 | 5.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Carleton, MI
As of July '25, Rentcast reports the average rent in Carleton, MI is $1,550, with a year-over-year rent change of -13.9%. Per bedroom, the median rent as of July '25 in Carleton, MI is 3-bedrooms: $1,550. The most common rental property sizes in Carleton, MI are 3-bedroom and 2-bedroom, accounting for 52.2% and 27.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,550 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,550 | $1,550 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Carleton, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Carleton, MI is 53. This is a decrease of -7.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $302,000 | 8.0% |
Listing Count | 16 | 16.0% |
| Listings as % of Homes | 0.2% | 16.0% |
Days on Market | 53 | -7.0% |
Demographics — Carleton, MI
As of the latest ACS Survey released in 2023, Carleton, MI has a population of 10,200, which has remained stable by -0.2% over the past 5 years. Carleton, MI is a moderately popular place for families, as children make up 21.0% of the population. The area has a poorly educated workforce, with 14.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,200 | -0.2% |
% Under 18 | 21.0% | 1.4% |
% Seniors | 25.3% | 49.7% |
% WFH | 6.6% | 34.7% |
% w/ College Degree | 14.5% | 5.1% |
As of the latest ACS Survey released in 2023, Carleton, MI is a predominantly white area, with 91.7% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Carleton, MI is hispanic, making up 3.5% of the population. Foreign-born residents account for 2.6% of the population in Carleton, MI, and this percentage has increased by 62.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 91.7% | -1.1% |
% Black | 1.7% | 6.2% |
% Hispanic | 3.5% | 16.7% |
% Asian | 0.4% | 33.3% |
% Foreign Born | 2.6% | 62.5% |
Mortgage and Risk — Carleton, MI
According to HUD data as of 2023, there were 256 mortgage originations in Carleton, MI, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Carleton, MI. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 256 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Carleton, MI
Carleton, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 45 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 0.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $950 |
| 2 Bedroom | N/A | N/A | $1,250 |
| 3 Bedroom | $0 | $1,550 | $1,550 |
| 4 Bedroom | N/A | N/A | $1,990 |
Affordability — Carleton, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $312,000 |
| Median Household Income | $76,600 |