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Featured local agent — Rapid River, MI
Sarah Mitchell
Compass Real Estate · Rapid River, MI
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Rapid River, MI Housing Market
The typical home in Rapid River, MI is worth $215,775, rose 14.6% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $164,900 (through May 2026). With homes going under contract in about 37 days, Rapid River is a seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $215,775 home is about $1,152/mo in principal and interest.
Key numbers for Rapid River, MI
Typical home value
$215,775
+14.6% in 12 months
Zillow, August 2026
Median sale price
$164,900
Last published period
Redfin, through April 2026
Days on market
37
Average pace
Redfin, through April 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$39,375
Home costs 5.5x income
U.S. Census ACS, 2023
Sale-to-list ratio
103.7%
Selling above asking
Redfin, through April 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Rapid River a buyer's or seller's market?
Rapid River, MI is a seller's market and homes selling in about 37 days. We classify markets from months of supply, sale-to-list ratio and days on market together — no single number decides it.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Rapid River housing market data show?
Every row below is Redfin's final published month for Rapid River, MI. Redfin, through April 2026
| Metric | Value |
|---|---|
| Median sale price | $164,900 |
| Median price per sq ft | $121/sq ft |
| Median days on market | 37 days |
| Sale-to-list price ratio | 103.7% |
| Homes sold (that month) | 1 |
| Market condition | Seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Rapid River is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Rapid River is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Rapid River home prices moved?
Across the 20 months we hold for Rapid River, MI, the median sale price rose 317.5%, from $39,500 in May 2021 to $164,900. The live Zillow value series has rose 14.6% in the last 12 months, which is the more current read now that Redfin's series has stopped.
Redfin, through April 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Rapid River?
Priced off the typical home value of $215,775 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $43,155 | $172,620 | $1,152/mo |
| 5% | $10,789 | $204,986 | $1,368/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $1,152, that implies roughly $49,368 a year before you add taxes and insurance. The median household in Rapid River earns $39,375, about $9,993 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 5.5x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Rapid River in the next 12 months?
Tell us your timeline. We send the Rapid River market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Rapid River?
Zillow does not publish a rent index (ZORI) for Rapid River, MI, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Rapid River?
Active listings in Rapid River, MI went from 1 in May 2021 to 1 in November 2025, a +0.0% change. Inventory has been roughly flat, which usually keeps prices moving with rates rather than with local supply.
| Month | Active listings | New listings |
|---|---|---|
| July 2021 | 1 | not published |
| June 2022 | 3 | 3 |
| July 2022 | 3 | 1 |
| August 2022 | 1 | not published |
| December 2022 | 1 | 1 |
| June 2023 | 1 | 1 |
| July 2023 | 1 | 1 |
| August 2023 | 1 | 1 |
| October 2023 | 1 | not published |
| May 2024 | 1 | not published |
| July 2025 | 1 | 1 |
| November 2025 | 1 | not published |
Redfin, through November 2025
How does Rapid River compare to Michigan and the U.S.?
Rapid River homes sell for $164,900 — 45% below the Michigan median of $297,900. Against the national median of $410,700, Rapid River runs 60% lower.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Rapid River, MI | $164,900 | not published | 37 days |
| Michigan statewide | $297,900 | +4.6% | 24 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through April 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Rapid River
What buyers should watch
- The gap between 5% and 20% down here is $216 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $215,775 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Rapid River listing goes under contract in 37 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 103.7% of asking. Price at the number you want and let competition do the rest.
- Your equity moved +14.6% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Rapid River varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Rapid River
Explore homes currently listed for sale in Rapid River, Michigan across major real estate platforms.
How much do homes cost in Rapid River by property type?
How the Rapid River, MI market breaks down across single-family homes, condos and townhouses. Redfin, through April 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $164,900 | $121/sq ft | 1 | 37 days |
Who lives in Rapid River?
American Community Survey estimates for Rapid River. U.S. Census ACS, 2023
Population
230
Households
101
Median income
$39,375/yr
Median age
41.4 years
Owner-occupied
83.2%
Median home value
$105,600
Mean commute
28 min
83.2% of occupied homes in Rapid River are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $105,600 against Zillow's $215,775 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions.
Which public schools serve Rapid River?
1 schools tracked · 253 students
The largest public schools serving Rapid River, MI by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
TriTownship School
Grades K-12 · 253 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Rapid River, MI?
Ordered by distance from Rapid River, not by size. Compare Rapid River side by side with any of them.
Rapid River housing market FAQ
Is Rapid River a buyer's or seller's market?
Rapid River, MI is currently a seller's market based on the supply, pace-of-sale and sale-to-list data we hold for this city. Redfin's public market tracker last published in May 2026, so this classification will not move until a new source fills that gap.
How much do homes cost in Rapid River?
The typical home in Rapid River, MI is worth $215,775 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $164,900, about $121 per square foot.
Is Rapid River cheaper than the rest of Michigan?
Rapid River's median sale price of $164,900 is 45% lower than the Michigan statewide median of $297,900, and 60% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Rapid River?
Homes in Rapid River, MI spent a median of 37 days on market before going under contract, versus 24 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Rapid River?
At the current 30-year fixed rate of 7.03%, 20% down on a $215,775 home is about $1,152 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $49,368 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $39,375.
Are home prices rising in Rapid River?
The typical home value in Rapid River, MI rose 14.6% over the last 12 months, from $188,238 to $215,775 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Rapid River?
Rapid River ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Rapid River?
That depends on your timeline, not on a headline. What the data says today: Rapid River, MI is a seller's market, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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