Grosse Pointe Farms, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Grosse Pointe Farms Neighborhoods Since 2000




Grosse Pointe Farms, 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

Grosse Pointe Farms Housing Market Information

With a population of 9,232, 3,373 total housing units (homes and apartments), and a median house value of $320,576, 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 98.86% of the city's housing units.

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 97.12% of Grosse Pointe Farms's homes, and 75.33% 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 54.92% of the city's housing hails from this era. Other housing ages represented in Grosse Pointe Farms include homes built before 1939 ( 34.08%) and housing constructed between 1970-1999 ( 9.33%). There's also some housing in Grosse Pointe Farms built between 2000 and later ( 1.67%).

Grosse Pointe Farms Home Appreciation Rates

Real estate appreciation rates in Grosse Pointe Farms's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.27% during the period.

Appreciation rates are so strong in Grosse Pointe Farms that despite a nationwide downturn in the housing market, Grosse Pointe Farms real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grosse Pointe Farms appreciation rates continue to be some of the highest in America, at 6.23%, which is higher than appreciation rates in 75.98% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grosse Pointe Farms. Grosse Pointe Farms appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Grosse Pointe Farms 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 Grosse Pointe Farms's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$320,576

Grosse Pointe Farms, MI HOME PRICES

Value Range
> $1,276,000 3.7
$957,001 - $1,276,000 6.3
$638,001 - $957,000 13.1
$510,001 - $638,000 9.1
$383,001 - $510,000 12.1
$255,001 - $383,000 28.3
$128,001 - $255,000 25.9
$64,001 - $128,000 1.0
$0 - $64,000 0.6

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
14.4908004218915 4.32692307692308

Number Of Homes And Apartments:
3,373

Grosse Pointe Farms 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
-5.08% -0.30% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,904 / per month

Homeownership Rate

Homeownership
Owners 97.12
Renters 2.88
Vacant 6.31

Housing Market Details

 

Age of Homes

AGE OF Grosse Pointe Farms HOMES
2000 or Newer 1.7
1970 - 1999 9.3
1940 - 1969 54.9
1939 or Older 34.1

Types of Homes

TYPE OF Grosse Pointe Farms HOMES
Single-Family 98.9
Townhomes 0.6
Small Apt. Buildings 0.3
Apt. Complexes 0.0
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Grosse Pointe Farms HOMES
No Bedroom 0.00
1 Bedroom 0.81
2 Bedrooms 6.58
3 Bedrooms 45.06
4 Bedrooms 30.28
5 or more bedrooms 17.28