Ferndale, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ferndale, MI Real Estate Data


Ferndale Housing Market Information

With a population of 20,177, 9,381 total housing units (homes and apartments), and a median house value of $138,541, house prices in Ferndale are solidly below the national average.

Single-family detached homes are the single most common housing type in Ferndale, accounting for 79.76% of the city's housing units. Other types of housing that are prevalent in Ferndale include large apartment complexes or high rise apartments ( 8.57%), duplexes, homes converted to apartments or other small apartment buildings ( 8.20%), and a few row houses and other attached homes ( 2.83%).

The most prevalent building size and type in Ferndale are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.09% owning and 39.91% renting.

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. Ferndale's housing was primarily built during this period, from the '40s through the '60s. A full 50.05% of the city's housing hails from this era. Other housing ages represented in Ferndale include homes built before 1939 ( 36.25%) and housing constructed between 1970-1999 ( 10.39%). There's also some housing in Ferndale built between 2000 and later ( 3.32%).

Vacant housing appears to be an issue in Ferndale. Fully 10.83% of the housing stock is classified as vacant. Left unchecked, vacant Ferndale homes and apartments can be a drag on the real estate market, holding Ferndale 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.

Ferndale Home Appreciation Rates

Real estate appreciation rates in Ferndale's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.41% during the period.

NeighborhoodScout's data show that during the latest twelve months, Ferndale's appreciation rate, at 4.81%, has been at or slightly above the national average. In the latest quarter, Ferndale's appreciation rate has been 1.97%, which annualizes to a rate of 8.12%.

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

Average Home Values

 

Median Home Value:
$138,541

Ferndale, MI HOME PRICES

Value Range
> $1,419,000 0.0
$1,065,001 - $1,419,000 0.3
$710,001 - $1,065,000 0.0
$568,001 - $710,000 0.0
$426,001 - $568,000 1.0
$284,001 - $426,000 3.8
$142,001 - $284,000 36.2
$71,001 - $142,000 43.4
$0 - $71,000 15.2

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
56.50875446507 44.8717948717949

Number Of Homes And Apartments:
9,381

Rent & Ownership

 

Average Market Rent:
$1,063 / per month

Homeownership Rate

Homeownership
Owners 60.09
Renters 39.91
Vacant 10.83

Housing Market Details

 

Age of Homes

AGE OF Ferndale HOMES
2000 or Newer 3.3
1970 - 1999 10.4
1940 - 1969 50.0
1939 or Older 36.2

Types of Homes

TYPE OF Ferndale HOMES
Single-Family 79.8
Townhomes 2.8
Small Apt. Buildings 8.2
Apt. Complexes 8.6
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Ferndale HOMES
No Bedroom 1.17
1 Bedroom 10.03
2 Bedrooms 33.49
3 Bedrooms 46.04
4 Bedrooms 7.75
5 or more bedrooms 1.53

Ferndale Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
13.34% 0.74% 7 1
* 10 is highest