Charlotte, 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

Charlotte, MI Housing Market Trends

With a population of 9,090, 3,477 total housing units (homes and apartments), and a median house value of $131,647, 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 66.46% of the city's housing units. Other types of housing that are prevalent in Charlotte include large apartment complexes or high rise apartments ( 12.94%), duplexes, homes converted to apartments or other small apartment buildings ( 12.11%), and a few row houses and other attached homes ( 4.34%).

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 56.97% owning and 43.03% renting.

The housing in Charlotte was primarily built before 1939 ( 31.17%), 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 1940-1969 ( 27.12%), followed by between 1970-1999 ( 26.75%). There's also some housing in Charlotte built between 2000 and later ( 14.96%).

Charlotte Home Appreciation Rates

Appreciation rates for homes in Charlotte have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 40.64%, which ranks in the top 40% nationwide. This equates to an annual average Charlotte house appreciation rate of 3.47%.

NeighborhoodScout's data show that during the latest twelve months, Charlotte's appreciation rate, at 5.41%, has been at or slightly above the national average. In the latest quarter, Charlotte's appreciation rate has been 2.59%, which annualizes to a rate of 10.76%.

Relative to Michigan, our data show that Charlotte's latest annual appreciation rate is lower than 80% 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

 
info

Median Home Value:
$131,647

Charlotte, MI HOME PRICES

> $1,194,000
1.1%
1.1%
$896,001 - $1,194,000
0.0%
0.0%
$597,001 - $896,000
1.3%
1.3%
$478,001 - $597,000
0.4%
0.4%
$358,001 - $478,000
1.7%
1.7%
$239,001 - $358,000
6.6%
6.6%
$119,001 - $239,000
51.9%
51.9%
$60,001 - $119,000
30.2%
30.2%
$0 - $60,000
6.9%
6.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
3,477

Charlotte 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
30.14% 1.26%
4
1
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$900 / per month

Homeownership Rate

Owners
57.0%
57.0%
Renters
43.0%
43.0%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
15.0%
15.0%
1970 - 1999
26.8%
26.8%
1940 - 1969
27.1%
27.1%
1939 or Older
31.2%
31.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.5%
66.5%
Townhomes
4.3%
4.3%
Small Apt. Buildings
12.1%
12.1%
Apt. Complexes
12.9%
12.9%
Mobile Homes
4.2%
4.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.7%
2.7%
1 Bedroom
12.5%
12.5%
2 Bedrooms
24.8%
24.8%
3 Bedrooms
43.8%
43.8%
4 Bedrooms
14.1%
14.1%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES