How much have home prices risen in ZIP codes starting with 497?

Based on FHFA HPI® data for 3-digit ZIP region 497, the regional index changed +6.2% over the year to Q2 2026, +70.5% over five years, +139% over ten years, and +297% since Q1 1995.

Is ZIP3 497 appreciating faster than Michigan and the U.S.?

Over the past year the region's index +6.2% compares with +4.6% for Michigan and +3.0% for the U.S., a gap of +3.2 pts versus the nation. Over five years the gap versus the nation is +29.2 pts.

Which ZIP codes are in 3-digit ZIP region 497?

All ZIP codes that begin with 497. Census 2010 ZIP Code Tabulation Areas in this region run from 49701 to 49799 (65 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.

Can I use this to value my home?

No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.

3-digit ZIP regional index

Home appreciation in ZIP codes 497xxSault Ste. Marie, MI area

Name: Home price index for 3-digit ZIP region 497 (Sault Ste. Marie, MI area)
Creator: zipappreciation.com
License: https://zipappreciation.com/data-sources

FHFA HPI® data shows the regional home price index for ZIP codes beginning with 497 changed +6.2% over the year to Q2 2026, compared with +4.6% for Michigan and +3.0% for the United States.

The region covers ZIP codes 49701–49799. Most of its 2010 population lived in Chippewa County (17%), Emmet County (14%), Alpena County (13%). Communities in the region include Alpena, Petoskey, Cheboygan, Boyne City, Gaylord. This is a regional index, not a ZIP5, street, or individual-home estimate.

1-year change: +6.2%
5-year change: +70.5%
Since Q1 1995: +297%
National rank (1 year): 122nd

ZIP3 497 vs Michigan and the U.S.

FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026

ZIP3 497: 397.1
Michigan: 328.0
United States: 391.6

Want a different starting year? Rebase this chart or compare with another ZIP3.

Appreciation by time window

Percent change in the regional index to Q2 2026; gaps are percentage points
Window	ZIP3 497	MI	U.S.	Gap vs MI	Gap vs U.S.
1 year	+6.2%	+4.6%	+3.0%	+1.6 pts	+3.2 pts
3 years	+26.7%	+18.0%	+12.9%	+8.7 pts	+13.8 pts
5 years	+70.5%	+45.6%	+41.3%	+24.9 pts	+29.2 pts
10 years	+139%	+104%	+93.3%	+35.2 pts	+45.4 pts
Since Q1 1995	+297%	+228%	+292%	+69.1 pts	+5.6 pts

If you bought in ZIP3 497 in…

Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.

Bought in	Index change	$300,000 then, at the regional rate
Q2 1995	+292%	$1,177,409
Q2 2000	+175%	$824,512
Q2 2005	+113%	$640,376
Q2 2010	+146%	$738,545
Q2 2015	+144%	$733,182
Q2 2020	+93.6%	$580,699
Q2 2021	+70.5%	$511,449
Q2 2023	+26.7%	$379,966
Q2 2025	+6.2%	$318,621

How ZIP3 497 ranks

Over the past year ZIP3 497 ranks 122nd of 882 3-digit ZIP regions nationally and 4th of 20 in Michigan. Its one-year change is +3.2 pts versus the nation and +1.6 pts versus Michigan. Rank 1 is the strongest appreciation.

Window	National rank	Rank in Michigan
1 year	122nd of 882	4th of 20
3 years	16th of 882	1st of 20
5 years	1st of 882	1st of 20
10 years	13th of 882	1st of 20
Since Q1 1995	319th of 879	4th of 20

Fastest-appreciating ZIP codes in Michigan National ZIP3 rankings

Boom, bust, and recovery in ZIP3 497

ZIP3 497's index peaked in Q1 2007, fell 21.6% to its low in Q2 2011, and regained its peak in Q4 2018, about 11.8 years after the top. Today it sits +108% versus that 2000s peak. How every state and ZIP region fared

Area	2000s peak	Low point	Peak to low	Back to peak	Today vs peak
ZIP3 497	Q1 2007	Q2 2011	-21.6%	Q4 2018 (11.8 yrs)	+108%
MI	Q3 2005	Q2 2011	-29.4%	Q2 2018 (12.8 yrs)	+83.3%
U.S.	Q1 2007	Q2 2012	-19.0%	Q4 2016 (9.8 yrs)	+89.3%

Appreciation after inflation

Adjusting for consumer price inflation, ZIP3 497's index has changed +79.4% in real terms since Q1 1995. Home prices vs inflation

Window	Inflation (CPI-U)	ZIP3 497 after inflation	MI after inflation	U.S. after inflation
1 year	+3.9%	+2.3%	+0.7%	-0.8%
3 years	+9.8%	+15.3%	+7.4%	+2.8%
5 years	+24.0%	+37.5%	+17.4%	+13.9%
10 years	+39.1%	+71.7%	+46.3%	+39.0%
Since Q1 1995	+121%	+79.4%	+48.1%	+76.8%

Estimate appreciation for a home in ZIP3 497

Estimate regional appreciation

3-digit ZIP regionStarting value

Start periodEnd period

Regional estimate

$716,256

Estimated gain: $416,256
Index change: +139%
Start index: 166.34
End index: 397.14

ZIP3 497 (Sault Ste. Marie, MI area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.

About this estimate. This calculator is an independent tool that applies the publicly available FHFA House Price Index® (FHFA HPI®) to a value you enter. The FHFA HPI® is a 3-digit ZIP (regional) index that measures average price movement across a broad area - it is not specific to any individual property, and the result is not an appraisal, tax assessment, lender valuation, or guaranteed market value. zipappreciation.com is not affiliated with or endorsed by the FHFA. Source: Federal Housing Finance Agency, FHFA HPI® (fhfa.gov).

Nearby 3-digit ZIP regions

3-digit ZIP region	State	1 year	5 years	Since Q1 1995
496 · Traverse City, MI area	MI	+5.0%	+61.7%	+364%
486 · Saginaw, MI area	MI	+5.6%	+55.0%	+198%
487 · Bay City, MI area	MI	+3.9%	+55.2%	+212%
498 · Marquette, MI area	MI	+6.8%	+66.2%	+305%
493 · Big Rapids, MI area	MI	+5.3%	+51.1%	+275%
484 · Fenton, MI area	MI	+4.2%	+42.0%	+199%

Recent quarterly index values

FHFA HPI® values for ZIP3 497 (original FHFA base, Q1 1995 = 100). Index type: Native 3-Digit ZIP index.
Period	Index
Q2 2026	397.14
Q1 2026	392.62
Q4 2025	386.40
Q3 2025	379.59
Q2 2025	373.93
Q1 2025	366.13
Q4 2024	361.69
Q3 2024	363.44
Q2 2024	356.34
Q1 2024	343.98
Q4 2023	335.11
Q3 2023	336.06

Frequently asked questions

How much have home prices risen in ZIP codes starting with 497?: Based on FHFA HPI® data for 3-digit ZIP region 497, the regional index changed +6.2% over the year to Q2 2026, +70.5% over five years, +139% over ten years, and +297% since Q1 1995.
Is ZIP3 497 appreciating faster than Michigan and the U.S.?: Over the past year the region's index +6.2% compares with +4.6% for Michigan and +3.0% for the U.S., a gap of +3.2 pts versus the nation. Over five years the gap versus the nation is +29.2 pts.
Which ZIP codes are in 3-digit ZIP region 497?: All ZIP codes that begin with 497. Census 2010 ZIP Code Tabulation Areas in this region run from 49701 to 49799 (65 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
Can I use this to value my home?: No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.

Search another region

Region details

ZIP codes: 49701–49799 (65 Census ZCTAs)
State: Michigan
Main counties (2010 population share): Chippewa County, MI 17%; Emmet County, MI 14%; Alpena County, MI 13%; Cheboygan County, MI 12%; Charlevoix County, MI 11%; Otsego County, MI 11%
FHFA index type: Native 3-Digit ZIP index, all-transactions, NSA
Latest period / imported: Q2 2026 / 2026-09-30
FHFA annual ZIP3 index, 2025: Annual change +4.5%

Methodology note. The site currently uses imported public FHFA HPI® files last processed on 2026-09-30. ZIP pages use the quarterly all-transactions 3-digit ZIP regional index, with latest imported ZIP3 period 2026Q2. State and national context use FHFA master HPI all-transactions quarterly records. ZIP3 results are regional index calculations only.

FHFA 3-digit ZIP data describes a broad regional index. It does not identify a street address, ZIP5, parcel, county assessment record, or individual home value.

FHFA labels its 3-digit ZIP indexes as developmental, and it revises past index values with each quarterly release. Figures on this site are re-imported in full from each new release, so earlier quarters can change slightly from one update to the next.

Place, county, state, and metro labels for 3-digit ZIP regions are approximate. FHFA does not publish them; this site assigns them using U.S. Census Bureau 2010 ZCTA relationship and Gazetteer files and OMB metro area delineations, weighted by population. A region can span many communities and several counties.

Comparison charts rescale each series so the chosen base quarter equals 100 (Q1 1995 by default). Rescaling changes only the starting level; percentage changes between any two quarters are the same as in the original FHFA series.