Grosse Pointe Farms, 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

Grosse Pointe Farms, MI Housing Market Trends

With 9,114 people, 3,361 houses or apartments, and a median cost of homes of $405,989, Grosse Pointe Farms house prices are not only among the most expensive in Michigan, Grosse Pointe Farms real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Grosse Pointe Farms, accounting for 97.77% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe Farms include large apartment complexes or high rise apartments ( 1.68%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grosse Pointe Farms. Owner-occupied housing accounts for 92.80% of Grosse Pointe Farms's homes, and 72.33% 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. Grosse Pointe Farms's housing was primarily built during this period, from the '40s through the '60s. A full 53.80% of the city's housing hails from this era. Other housing ages represented in Grosse Pointe Farms include homes built before 1939 ( 35.79%) and housing constructed between 1970-1999 ( 7.63%). There's also some housing in Grosse Pointe Farms built between 2000 and later ( 2.78%).

Grosse Pointe Farms Home Appreciation Rates

In the last 10 years, Grosse Pointe Farms has experienced some of the highest home appreciation rates of any community in the nation. Grosse Pointe Farms real estate appreciated 87.09% over the last ten years, which is an average annual home appreciation rate of 6.46%, putting Grosse Pointe Farms in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grosse Pointe Farms definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Grosse Pointe Farms's appreciation rate, at 5.52%, has been at or slightly above the national average. In the latest quarter, Grosse Pointe Farms's appreciation rate has been 2.48%, which annualizes to a rate of 10.31%.

Relative to Michigan, our data show that Grosse Pointe Farms's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$405,989

Grosse Pointe Farms, MI HOME PRICES

> $1,239,000
6.8%
6.8%
$929,001 - $1,239,000
9.1%
9.1%
$620,001 - $929,000
14.6%
14.6%
$495,001 - $620,000
10.9%
10.9%
$372,001 - $495,000
17.4%
17.4%
$248,001 - $372,000
29.4%
29.4%
$124,001 - $248,000
9.8%
9.8%
$62,001 - $124,000
1.9%
1.9%
$0 - $62,000
0.1%
0.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
3,361

Grosse Pointe Farms 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
20.98% 0.91%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,795 / per month

Homeownership Rate

Owners
92.8%
92.8%
Renters
7.2%
7.2%
Vacant
2.8%
2.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.8%
2.8%
1970 - 1999
7.6%
7.6%
1940 - 1969
53.8%
53.8%
1939 or Older
35.8%
35.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
97.8%
97.8%
Townhomes
0.1%
0.1%
Small Apt. Buildings
0.2%
0.2%
Apt. Complexes
1.7%
1.7%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
2.7%
2.7%
2 Bedrooms
7.5%
7.5%
3 Bedrooms
45.3%
45.3%
4 Bedrooms
27.0%
27.0%
5 or more bedrooms
17.5%
17.5%
0.0% 100.0%
% OF HOMES