Garden City, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Garden City Neighborhoods Since 2000




Garden City, 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

Garden City Housing Market Information

With 26,920 people, 10,326 houses or apartments, and a median cost of homes of $109,729, house prices in Garden City are solidly below the national average.

Single-family detached homes are the single most common housing type in Garden City, accounting for 91.63% of the city's housing units. Other types of housing that are prevalent in Garden City include large apartment complexes or high rise apartments ( 6.57%), duplexes, homes converted to apartments or other small apartment buildings ( 1.02%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Garden City. Owner-occupied housing accounts for 81.28% of Garden City's homes, and 75.76% have either three or four bedrooms, which is average sized relative to America.

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. Garden City's housing was primarily built during this period, from the '40s through the '60s. A full 80.42% of the city's housing hails from this era. Other housing ages represented in Garden City include homes built between 1970-1999 ( 12.76%) and housing constructed before 1939 ( 4.17%). There's also some housing in Garden City built between 2000 and later ( 2.66%).

Garden City Home Appreciation Rates

Homes have actually lost value in Garden City over the last then years, as home values have seen a decline of 25.77% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Garden City home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Garden City that despite a nationwide downturn in the housing market, Garden City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Garden City appreciation rates continue to be some of the highest in America, at 7.80%, which is higher than appreciation rates in 85.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Garden City. Garden City appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Garden City 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 Garden City's latest annual appreciation rate is higher than 70% 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 Garden City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Garden City - 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 Garden City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$109,729

Garden City, MI HOME PRICES

Value Range
> $1,342,000 0.0
$1,007,001 - $1,342,000 0.0
$671,001 - $1,007,000 0.0
$537,001 - $671,000 0.0
$403,001 - $537,000 0.4
$268,001 - $403,000 1.2
$134,001 - $268,000 23.9
$67,001 - $134,000 60.9
$0 - $67,000 13.6

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
71.5692019219501 66.5064102564102

Number Of Homes And Apartments:
10,326

Garden City 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
-21.56% -1.40% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,358 / per month

Homeownership Rate

Homeownership
Owners 81.28
Renters 18.72
Vacant 7.57

Housing Market Details

 

Age of Homes

AGE OF Garden City HOMES
2000 or Newer 2.7
1970 - 1999 12.8
1940 - 1969 80.4
1939 or Older 4.2

Types of Homes

TYPE OF Garden City HOMES
Single-Family 91.6
Townhomes 0.5
Small Apt. Buildings 1.0
Apt. Complexes 6.6
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Garden City HOMES
No Bedroom 0.34
1 Bedroom 5.38
2 Bedrooms 17.16
3 Bedrooms 65.68
4 Bedrooms 10.08
5 or more bedrooms 1.36