Birmingham, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Birmingham Neighborhoods Since 2000




Birmingham, 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

Birmingham Housing Market Information

With a population of 20,857, 8,835 total housing units (homes and apartments), and a median house value of $624,944, 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 73.93% of the city's housing units. Other types of housing that are prevalent in Birmingham include large apartment complexes or high rise apartments ( 14.68%), row houses and other attached homes ( 6.51%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.88%).

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 75.59% of Birmingham's homes, and 61.61% 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 50.72% of the city's housing hails from this era. Other housing ages represented in Birmingham include homes built before 1939 ( 19.92%) and housing constructed between 1970-1999 ( 17.03%). There's also some housing in Birmingham built between 2000 and later ( 12.33%).

Birmingham Home Appreciation Rates

Appreciation rates for homes in Birmingham have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.82%, which ranks in the top 30% nationwide. This equates to an annual average Birmingham house appreciation rate of 1.03%.

Appreciation rates are so strong in Birmingham that despite a nationwide downturn in the housing market, Birmingham real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Birmingham appreciation rates continue to be some of the highest in America, at 6.30%, which is higher than appreciation rates in 76.53% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Birmingham. Birmingham appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Birmingham 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 Birmingham's latest annual appreciation rate is higher than 50% 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:
$624,944

Birmingham, MI HOME PRICES

Value Range
> $1,266,000 8.3
$949,001 - $1,266,000 8.1
$633,001 - $949,000 23.9
$506,001 - $633,000 10.4
$380,001 - $506,000 12.9
$253,001 - $380,000 16.5
$126,001 - $253,000 14.9
$63,001 - $126,000 4.0
$0 - $63,000 1.0

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
3.5392007500293 0.641025641025641

Number Of Homes And Apartments:
8,835

Birmingham 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
29.95% 1.53% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,896 / per month

Homeownership Rate

Homeownership
Owners 75.59
Renters 24.41
Vacant 7.28

Housing Market Details

 

Age of Homes

AGE OF Birmingham HOMES
2000 or Newer 12.3
1970 - 1999 17.0
1940 - 1969 50.7
1939 or Older 19.9

Types of Homes

TYPE OF Birmingham HOMES
Single-Family 73.9
Townhomes 6.5
Small Apt. Buildings 4.9
Apt. Complexes 14.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Birmingham HOMES
No Bedroom 0.61
1 Bedroom 6.81
2 Bedrooms 25.23
3 Bedrooms 39.15
4 Bedrooms 22.46
5 or more bedrooms 5.74