Bloomfield Hills, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Bloomfield Hills Neighborhoods Since 2000




Bloomfield Hills, 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

Bloomfield Hills Housing Market Information

With 4,004 people, 1,277 houses or apartments, and a median cost of homes of $986,183, Bloomfield Hills house prices are not only among the most expensive in Michigan, Bloomfield Hills real estate also is some of the most expensive in all of America.

Bloomfield Hills is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Bloomfield Hills than is found in 98% of the communities in America.

The large homes that make up Bloomfield Hills are primarily owner-occupied ( 83.29%).

There is a lot of housing in Bloomfield Hills built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Bloomfield Hills built between 1940-1969 ( 39.27%). A lesser amount of the housing stock also hails from before 1939 ( 7.96%). There's also some housing in Bloomfield Hills built between 2000 and later ( 6.78%).

Vacant housing appears to be an issue in Bloomfield Hills. Fully 16.70% of the housing stock is classified as vacant. Left unchecked, vacant Bloomfield Hills homes and apartments can be a drag on the real estate market, holding Bloomfield Hills 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.

Bloomfield Hills Home Appreciation Rates

Appreciation rates for homes in Bloomfield Hills have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.57%, which ranks in the top 50% nationwide. This equates to an annual average Bloomfield Hills house appreciation rate of 0.16%.

NeighborhoodScout's data show that during the latest twelve months, Bloomfield Hills's appreciation rate, at 4.53%, has been at or slightly above the national average. In the latest quarter, Bloomfield Hills's appreciation rate has been 1.86%, which annualizes to a rate of 7.66%.

Importantly, this makes Bloomfield Hills 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 Bloomfield Hills's latest annual appreciation rate is lower 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 Bloomfield Hills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield Hills - 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 Bloomfield Hills real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$986,183

Bloomfield Hills, MI HOME PRICES

Value Range
> $1,250,000 38.6
$938,001 - $1,250,000 12.9
$625,001 - $938,000 19.1
$500,001 - $625,000 4.9
$375,001 - $500,000 8.1
$250,001 - $375,000 7.3
$125,001 - $250,000 6.1
$63,001 - $125,000 2.4
$0 - $63,000 0.6

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
1.10160553146607 0.16025641025641

Number Of Homes And Apartments:
1,277

Bloomfield Hills 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
0.91% 0.05% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,612 / per month

Homeownership Rate

Homeownership
Owners 83.29
Renters 16.71
Vacant 16.70

Housing Market Details

 

Age of Homes

AGE OF Bloomfield Hills HOMES
2000 or Newer 6.8
1970 - 1999 46.0
1940 - 1969 39.3
1939 or Older 8.0

Types of Homes

TYPE OF Bloomfield Hills HOMES
Single-Family 78.3
Townhomes 10.4
Small Apt. Buildings 8.3
Apt. Complexes 1.6
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Bloomfield Hills HOMES
No Bedroom 1.04
1 Bedroom 2.87
2 Bedrooms 10.76
3 Bedrooms 25.38
4 Bedrooms 29.94
5 or more bedrooms 30.01