Bloomfield Hills appreciation rates and housing market information

Bloomfield Hills housing market information

With 3,940 people, 1,628 houses or apartments, and a median cost of homes of $924,299, Bloomfield Hills house prices are not only among the most expensive in Michigan, Bloomfield Hills real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Bloomfield Hills, accounting for 73.65% of the city's housing units. Other types of housing that are prevalent in Bloomfield Hills include row houses and other attached homes (12.28%), duplexes, homes converted to apartments, or other small apartment buildings (7.62%), and a few large apartment complexes or high rise apartments (6.08%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Bloomfield Hills. Owner-occupied housing accounts for 85.07% of Bloomfield Hills's homes, and 60.69% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Bloomfield Hills's housing was primarily built during this period, from the '40s through the '60s. A full 42.57% of the city's housing hails from this era. Other housing ages represented in Bloomfield Hills include homes built between 1970-1994 (37.90%), and housing constructed from 1939 and earlier (12.96%). There's also some housing in Bloomfield Hills built between 1995 and later (6.57%).

Bloomfield Hills home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Bloomfield Hills, where house values have increased just 3.13%, which is an average annual increase of 0.31%. NeighborhoodScout's data show that in the latest quarter, Bloomfield Hills house values appreciated 0.73%, which is an annualized rate of 2.92%. This rate is lower than the appreciation rate found in 40% of the cities and towns in America.

Over the last year, Bloomfield Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Bloomfield Hills's appreciation rate has been -9.65%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Bloomfield Hills were at 0.73%, which equates to an annual appreciation rate of 2.92%.

Relative to Michigan, our data show that Bloomfield Hills's latest annual appreciation rate is higher than 8% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Bloomfield Hills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield Hills - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Bloomfield Hills real estate investment or home purchase decisions.