Redford appreciation rates and housing market information

Redford housing market information

With a population of 51,622, 20,605 total housing units (homes and apartments), and a median house value of $116,864, house prices in Redford are solidly below the national average.

single-family detached homes are the single most common housing type in Redford, accounting for 93.22% of the town's housing units. Other types of housing that are prevalent in Redford include large apartment complexes or high rise apartments (3.60%), duplexes, homes converted to apartments, or other small apartment buildings (1.17%), mobile homes or trailers (1.01%), and a few row houses and other attached homes (1.00%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Redford. Owner-occupied housing accounts for 88.23% of Redford's homes, and 75.57% 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. Redford's housing was primarily built during this period, from the '40s through the '60s. A full 87.35% of the town's housing hails from this era. Other housing ages represented in Redford include homes built between 1939 and earlier (6.44%), and housing constructed from 1970-1994 (5.60%). There's also some housing in Redford built between 1995 and later (.61%).

Redford home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Redford, where house values have increased just 6.93%, which is an average annual increase of 0.69%. NeighborhoodScout's data show that in the latest quarter, Redford house values appreciated 2.92%, which is an annualized rate of 11.68%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, Redford appreciation rates have trailed the rest of the nation. In the last twelve months, Redford's appreciation rate has been -11.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Redford were at 2.92%, which equates to an annual appreciation rate of 11.68%.

Importantly, this makes Redford one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Michigan, our data show that Redford's latest annual appreciation rate is higher than 4% 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 town. Individual neighborhoods within Redford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Redford - 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 Redford real estate investment or home purchase decisions.