Birmingham, MI Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Birmingham, MI Housing Market Trends

With a population of 21,389, 9,131 total housing units (homes and apartments), and a median house value of $701,912, Birmingham house prices are not only among the most expensive in Michigan, Birmingham 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 Birmingham, accounting for 70.94% of the city's housing units. Other types of housing that are prevalent in Birmingham include large apartment complexes or high rise apartments ( 18.72%), row houses and other attached homes ( 5.50%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.84%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Birmingham. Owner-occupied housing accounts for 74.12% of Birmingham's homes, and 60.45% 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. Birmingham's housing was primarily built during this period, from the '40s through the '60s. A full 50.87% of the city's housing hails from this era. Other housing ages represented in Birmingham include homes built before 1939 ( 18.44%) and housing constructed between 1970-1999 ( 16.00%). There's also some housing in Birmingham built between 2000 and later ( 14.69%).

Vacant housing appears to be an issue in Birmingham. Fully 10.74% of the housing stock is classified as vacant. Left unchecked, vacant Birmingham homes and apartments can be a drag on the real estate market, holding Birmingham real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Birmingham Home Appreciation Rates

In the last 10 years, Birmingham has experienced some of the highest home appreciation rates of any community in the nation. Birmingham real estate appreciated 77.09% over the last ten years, which is an average annual home appreciation rate of 5.88%, putting Birmingham in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Birmingham definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Birmingham's appreciation rate, at 5.51%, has been at or slightly above the national average. In the latest quarter, Birmingham's appreciation rate has been 2.48%, which annualizes to a rate of 10.28%.

Relative to Michigan, our data show that Birmingham's latest annual appreciation rate is lower than 70% 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 Birmingham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Birmingham - 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 Birmingham real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$701,912

Birmingham, MI HOME PRICES

> $1,155,000
13.7%
13.7%
$867,001 - $1,155,000
14.3%
14.3%
$578,001 - $867,000
25.2%
25.2%
$462,001 - $578,000
10.7%
10.7%
$347,001 - $462,000
13.1%
13.1%
$231,001 - $347,000
13.6%
13.6%
$115,001 - $231,000
6.9%
6.9%
$58,001 - $115,000
2.1%
2.1%
$0 - $58,000
0.5%
0.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
9,131

Birmingham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
50.74% 1.97%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,249 / per month

Homeownership Rate

Owners
74.1%
74.1%
Renters
25.9%
25.9%
Vacant
10.7%
10.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.7%
14.7%
1970 - 1999
16.0%
16.0%
1940 - 1969
50.9%
50.9%
1939 or Older
18.4%
18.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.9%
70.9%
Townhomes
5.5%
5.5%
Small Apt. Buildings
4.8%
4.8%
Apt. Complexes
18.7%
18.7%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.3%
1.3%
1 Bedroom
8.5%
8.5%
2 Bedrooms
23.8%
23.8%
3 Bedrooms
34.6%
34.6%
4 Bedrooms
25.8%
25.8%
5 or more bedrooms
6.0%
6.0%
0.0% 100.0%
% OF HOMES