Flat Rock, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Flat Rock Neighborhoods Since 2000




Flat Rock, 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

Flat Rock Housing Market Information

With 9,914 people, 3,664 houses or apartments, and a median cost of homes of $134,435, house prices in Flat Rock are solidly below the national average.

Single-family detached homes are the single most common housing type in Flat Rock, accounting for 61.02% of the city's housing units. Other types of housing that are prevalent in Flat Rock include mobile homes or trailers ( 16.97%), large apartment complexes or high rise apartments ( 13.59%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.56%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Flat Rock. Owner-occupied housing accounts for 74.56% of Flat Rock's homes, and 68.65% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Flat Rock 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 Flat Rock built between 1940-1969 ( 31.08%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.64%). There's also some housing in Flat Rock built before 1939 ( 5.73%).

Flat Rock Home Appreciation Rates

Homes have actually lost value in Flat Rock over the last then years, as home values have seen a decline of 19.58% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Flat Rock home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

NeighborhoodScout's data show that during the latest twelve months, Flat Rock's appreciation rate, at 4.12%, has been at or slightly above the national average. In the latest quarter, Flat Rock's appreciation rate has been 1.86%, which annualizes to a rate of 7.66%.

Importantly, this makes Flat Rock 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 Flat Rock's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$134,435

Flat Rock, MI HOME PRICES

Value Range
> $1,150,000 0.6
$862,001 - $1,150,000 0.0
$575,001 - $862,000 0.0
$460,001 - $575,000 0.0
$345,001 - $460,000 0.3
$230,001 - $345,000 18.2
$115,001 - $230,000 36.3
$58,001 - $115,000 21.5
$0 - $58,000 23.1

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
57.4123989218329 46.9551282051282

Number Of Homes And Apartments:
3,664

Flat Rock 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
-12.60% -0.78% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$969 / per month

Homeownership Rate

Homeownership
Owners 74.56
Renters 25.44
Vacant 9.49

Housing Market Details

 

Age of Homes

AGE OF Flat Rock HOMES
2000 or Newer 23.6
1970 - 1999 39.6
1940 - 1969 31.1
1939 or Older 5.7

Types of Homes

TYPE OF Flat Rock HOMES
Single-Family 61.0
Townhomes 2.9
Small Apt. Buildings 5.6
Apt. Complexes 13.6
Mobile Homes 17.0
Other 0.0

Home Size

SIZE OF Flat Rock HOMES
No Bedroom 0.00
1 Bedroom 5.71
2 Bedrooms 23.22
3 Bedrooms 46.96
4 Bedrooms 21.69
5 or more bedrooms 2.42