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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Grosse Pointe Park, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 Park, MI Housing Market Trends

With 11,358 people, 4,594 houses or apartments, and a median cost of homes of $577,272, Grosse Pointe Park house prices are not only among the most expensive in Michigan, Grosse Pointe Park 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 Park, accounting for 75.65% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe Park include duplexes, homes converted to apartments or other small apartment buildings ( 19.61%), row houses and other attached homes ( 3.05%), and a few large apartment complexes or high rise apartments ( 1.38%).

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 Park. Owner-occupied housing accounts for 76.54% of Grosse Pointe Park's homes, and 65.04% have either three or four bedrooms, which is average sized relative to America.

The housing in Grosse Pointe Park was primarily built before 1939 ( 59.11%), making the housing stock in Grosse Pointe Park some of the oldest overall in America, although there is a range of ages of homes in Grosse Pointe Park. The next most important housing age is between 1940-1969 ( 32.67%), followed by between 1970-1999 ( 5.43%). There's also some housing in Grosse Pointe Park built between 2000 and later ( 2.79%).

Grosse Pointe Park Home Appreciation Rates

Real estate appreciation rates in Grosse Pointe Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.08% during the period.

Over the last year, Grosse Pointe Park appreciation rates have trailed the rest of the nation. In the last twelve months, Grosse Pointe Park's appreciation rate has been 4.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Grosse Pointe Park were at -0.26%, which equates to an annual appreciation rate of -1.02%.

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

Average Home Values

Median Home Value

$577,272

Grosse Pointe Park, MI Home Prices
> $1,177,000
$883,001 - $1,177,000
$588,001 - $883,000
$471,001 - $588,000
$353,001 - $471,000
$235,001 - $353,000
$117,001 - $235,000
$59,001 - $117,000
$0 - $59,000
3.9%
3.9%
8.4%
8.4%
24.7%
24.7%
23.9%
23.9%
17.8%
17.8%
13.4%
13.4%
6.0%
6.0%
0.8%
0.8%
1.1%
1.1%
0% 100.0%
% of Homes
Very High

for Michigan

Very High

for nation

Number of Homes And Apartments:

4,594

Grosse Pointe Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,288 / per month

Homeownership Rate

Owners
Renters
76.5%
76.5%
23.5%
23.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.2%
5.2%
94.8%
94.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.8%
2.8%
5.4%
5.4%
32.7%
32.7%
59.1%
59.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
75.6%
75.6%
3.1%
3.1%
19.6%
19.6%
1.4%
1.4%
0.3%
0.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
2.6%
2.6%
17.8%
17.8%
32.3%
32.3%
32.8%
32.8%
14.1%
14.1%
0% 100.0%
% of Homes