Chelsea, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Chelsea Neighborhoods Since 2000




Chelsea, 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

Chelsea Housing Market Information

With 5,205 people, 2,307 houses or apartments, and a median cost of homes of $273,926, Chelsea real estate is some of the most expensive in Michigan, although Chelsea home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Chelsea, accounting for 60.62% of the city's housing units. Other types of housing that are prevalent in Chelsea include large apartment complexes or high rise apartments ( 22.01%), row houses and other attached homes ( 9.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.70%).

The most prevalent building size and type in Chelsea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.93% owning and 42.07% renting.

There is a lot of housing in Chelsea 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 Chelsea built before 1939 ( 29.15%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.13%). There's also some housing in Chelsea built between 2000 and later ( 18.76%).

Chelsea Home Appreciation Rates

Real estate appreciation rates in Chelsea's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.05% during the period.

Appreciation rates are so strong in Chelsea that despite a nationwide downturn in the housing market, Chelsea real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chelsea appreciation rates continue to be some of the highest in America, at 7.48%, which is higher than appreciation rates in 83.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chelsea. Chelsea appreciation rates in the latest quarter were at 2.57%, which equates to an annual appreciation rate of 10.67%.

Importantly, this makes Chelsea 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 Chelsea's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$273,926

Chelsea, MI HOME PRICES

Value Range
> $1,252,000 0.0
$939,001 - $1,252,000 0.0
$626,001 - $939,000 0.0
$501,001 - $626,000 2.2
$375,001 - $501,000 8.4
$250,001 - $375,000 24.6
$125,001 - $250,000 55.7
$63,001 - $125,000 7.2
$0 - $63,000 1.9

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
19.2253603656393 6.41025641025641

Number Of Homes And Apartments:
2,307

Chelsea 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
11.53% 0.63% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,106 / per month

Homeownership Rate

Homeownership
Owners 57.93
Renters 42.07
Vacant 6.33

Housing Market Details

 

Age of Homes

AGE OF Chelsea HOMES
2000 or Newer 18.8
1970 - 1999 30.0
1940 - 1969 22.1
1939 or Older 29.2

Types of Homes

TYPE OF Chelsea HOMES
Single-Family 60.6
Townhomes 9.7
Small Apt. Buildings 6.7
Apt. Complexes 22.0
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Chelsea HOMES
No Bedroom 0.81
1 Bedroom 11.73
2 Bedrooms 33.82
3 Bedrooms 32.85
4 Bedrooms 17.74
5 or more bedrooms 3.05