Southgate appreciation rates and housing market information

Southgate housing market information

With a population of 30,136, 13,361 total housing units (homes and apartments), and a median house value of $121,766, house prices in Southgate are solidly below the national average.

single-family detached homes are the single most common housing type in Southgate, accounting for 69.11% of the city's housing units. Other types of housing that are prevalent in Southgate include large apartment complexes or high rise apartments (23.13%), duplexes, homes converted to apartments, or other small apartment buildings (4.16%), row houses and other attached homes (2.87%), and a few mobile homes or trailers (0.70%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Southgate. Owner-occupied housing accounts for 68.06% of Southgate's homes, and 54.60% 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. Southgate's housing was primarily built during this period, from the '40s through the '60s. A full 65.29% of the city's housing hails from this era. Other housing ages represented in Southgate include homes built between 1970-1994 (25.43%), and housing constructed from 1995 and later (6.17%). There's also some housing in Southgate built between 1939 and earlier (3.11%).

Southgate home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Southgate, where house values have increased just 9.73%, which is an average annual increase of 0.97%. NeighborhoodScout's data show that in the latest quarter, Southgate house values appreciated 2.99%, which is an annualized rate of 11.96%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, Southgate appreciation rates have trailed the rest of the nation. In the last twelve months, Southgate's appreciation rate has been -11.10%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Southgate were at 2.99%, which equates to an annual appreciation rate of 11.96%.

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

Relative to Michigan, our data show that Southgate'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 city. Individual neighborhoods within Southgate differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Southgate - 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 Southgate real estate investment or home purchase decisions.