Charlotte, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Charlotte, 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

Charlotte Housing Market Information

With 9,054 people, 3,564 houses or apartments, and a median cost of homes of $135,173, house prices in Charlotte are solidly below the national average.

Single-family detached homes are the single most common housing type in Charlotte, accounting for 67.08% of the city's housing units. Other types of housing that are prevalent in Charlotte include large apartment complexes or high rise apartments ( 14.12%), duplexes, homes converted to apartments or other small apartment buildings ( 11.42%), and a few row houses and other attached homes ( 4.96%).

The most prevalent building size and type in Charlotte are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.17% owning and 44.83% renting.

The housing in Charlotte was primarily built before 1939 ( 33.85%), making the housing stock in Charlotte some of the oldest overall in America, although there is a range of ages of homes in Charlotte. The next most important housing age is between 1970-1999 ( 30.95%), followed by between 1940-1969 ( 21.98%). There's also some housing in Charlotte built between 2000 and later ( 13.22%).

Vacant housing appears to be an issue in Charlotte. Fully 10.77% of the housing stock is classified as vacant. Left unchecked, vacant Charlotte homes and apartments can be a drag on the real estate market, holding Charlotte 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.

Charlotte Home Appreciation Rates

Charlotte's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Charlotte during the period has been just -1.34%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Charlotte's appreciation rate, at 4.83%, has been at or slightly above the national average. In the latest quarter, Charlotte's appreciation rate has been 1.36%, which annualizes to a rate of 5.54%.

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

Average Home Values

 

Median Home Value:
$135,173

Charlotte, MI HOME PRICES

Value Range
> $1,135,000 0.0
$851,001 - $1,135,000 0.0
$568,001 - $851,000 0.8
$454,001 - $568,000 0.3
$341,001 - $454,000 1.1
$227,001 - $341,000 5.3
$114,001 - $227,000 57.7
$57,001 - $114,000 26.9
$0 - $57,000 7.9

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
57.0989101136763 46.3942307692308

Number Of Homes And Apartments:
3,564

Charlotte 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
1.50% 0.09% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$911 / per month

Homeownership Rate

Homeownership
Owners 55.17
Renters 44.83
Vacant 10.77

Housing Market Details

 

Age of Homes

AGE OF Charlotte HOMES
2000 or Newer 13.2
1970 - 1999 30.9
1940 - 1969 22.0
1939 or Older 33.9

Types of Homes

TYPE OF Charlotte HOMES
Single-Family 67.1
Townhomes 5.0
Small Apt. Buildings 11.4
Apt. Complexes 14.1
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Charlotte HOMES
No Bedroom 3.38
1 Bedroom 10.24
2 Bedrooms 27.24
3 Bedrooms 41.91
4 Bedrooms 15.72
5 or more bedrooms 1.50