Ithaca, MI—48847
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ithaca, MI
As of Nov '25, the median home price in Ithaca, MI is $190,000, with a year-over-year change of 4.8%. This indicates that home prices in Ithaca, MI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $190,000 | 4.8% |
| Single Family | $191,000 | 6.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $185,000 | 8.2% |
4 Bed | $226,000 | 7.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Ithaca, MI
As of July '25, Rentcast reports the average rent in Ithaca, MI is $776, with a year-over-year rent change of 10.9%. Per bedroom, the median rent as of July '25 in Ithaca, MI is 1-bedrooms: $752, 2-bedrooms: $800. The most common rental property sizes in Ithaca, MI are 2-bedroom and 1-bedroom, accounting for 39.2% and 24.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $752 | $776 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $752 | $752 |
| 2 Bed Rent | $800 | $800 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Ithaca, MI
As of Nov '25, Realtor.com reports that the median days on market for a home in Ithaca, MI is 47. This is a decrease of -26.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $192,000 | 0.0% |
Listing Count | 13 | -7.0% |
| Listings as % of Homes | 0.6% | -7.0% |
Days on Market | 47 | -26.0% |
Demographics — Ithaca, MI
As of the latest ACS Survey released in 2023, Ithaca, MI has a population of 5,770, which has decreased by -3.6% over the past 5 years. Ithaca, MI is a moderately popular place for families, as children make up 20.9% of the population. The area has a poorly educated workforce, with 22.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,770 | -3.6% |
% Under 18 | 20.9% | -18.7% |
% Seniors | 16.1% | -1.8% |
% WFH | 3.6% | -14.3% |
% w/ College Degree | 22.5% | 60.7% |
As of the latest ACS Survey released in 2023, Ithaca, MI is a predominantly white area, with 89.9% of the population identifying as white. The white population has shrunk by 0.4% in the last 5 years. The second most common race or ethnicity in Ithaca, MI is hispanic, making up 5.6% of the population. Foreign-born residents account for 1.3% of the population in Ithaca, MI, and this percentage has increased by 116.7% 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 | 89.9% | -0.4% |
% Black | 0.4% | -50.0% |
% Hispanic | 5.6% | -18.8% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 1.3% | 116.7% |
Mortgage and Risk — Ithaca, MI
According to HUD data as of 2023, there were 61 mortgage originations in Ithaca, MI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Ithaca, MI. Investor activity is low, as 2.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 61 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Rentals and Section 8 — Ithaca, MI
Ithaca, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 45 |
Total Units Section 8 | 45 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$12 | $752 | $740 |
| 2 Bedroom | $130 | $800 | $930 |
| 3 Bedroom | N/A | N/A | $1,230 |
| 4 Bedroom | N/A | N/A | $1,530 |
Affordability — Ithaca, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $190,000 |
| Median Household Income | $64,000 |