Berkley, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Berkley Neighborhoods Since 2000




Berkley, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Berkley Housing Market Information

With 15,268 people, 6,573 houses or apartments, and a median cost of homes of $192,566, Berkley real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Berkley, accounting for 91.85% of the city's housing units. Other types of housing that are prevalent in Berkley include large apartment complexes or high rise apartments ( 5.87%), row houses and other attached homes ( 1.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Berkley. Owner-occupied housing accounts for 81.06% of Berkley's homes, and 71.10% 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. Berkley's housing was primarily built during this period, from the '40s through the '60s. A full 69.27% of the city's housing hails from this era. Other housing ages represented in Berkley include homes built before 1939 ( 15.64%) and housing constructed between 1970-1999 ( 10.86%). There's also some housing in Berkley built between 2000 and later ( 4.23%).

Berkley Home Appreciation Rates

Appreciation rates for homes in Berkley have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.43%, which ranks in the top 40% nationwide. This equates to an annual average Berkley house appreciation rate of 0.62%.

Appreciation rates are so strong in Berkley that despite a nationwide downturn in the housing market, Berkley real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Berkley appreciation rates continue to be some of the highest in America, at 7.27%, which is higher than appreciation rates in 82.86% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Berkley. Berkley appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Berkley 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 Berkley's latest annual appreciation rate is higher than 60% 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 Berkley differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Berkley - 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 2000, to assist you in making the best Berkley real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$192,566

Berkley, MI HOME PRICES

Value Range
> $1,324,000 0.0
$993,001 - $1,324,000 0.0
$662,001 - $993,000 0.0
$529,001 - $662,000 0.8
$397,001 - $529,000 2.2
$265,001 - $397,000 14.4
$132,001 - $265,000 66.8
$66,001 - $132,000 13.4
$0 - $66,000 2.4

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
34.1263330598851 16.6666666666667

Number Of Homes And Apartments:
6,573

Berkley Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
22.12% 1.17% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,674 / per month

Homeownership Rate

Homeownership
Owners 81.06
Renters 18.94
Vacant 6.05

Housing Market Details

 

Age of Homes

AGE OF Berkley HOMES
2000 or Newer 4.2
1970 - 1999 10.9
1940 - 1969 69.3
1939 or Older 15.6

Types of Homes

TYPE OF Berkley HOMES
Single-Family 91.9
Townhomes 1.5
Small Apt. Buildings 0.7
Apt. Complexes 5.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Berkley HOMES
No Bedroom 0.34
1 Bedroom 6.15
2 Bedrooms 19.83
3 Bedrooms 59.09
4 Bedrooms 12.01
5 or more bedrooms 2.59