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




Highest
Lowest

Highest Appreciating Grosse Pointe Park Neighborhoods Since 2000




Grosse Pointe Park, 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 Park Housing Market Information

With 11,220 people, 4,303 houses or apartments, and a median cost of homes of $410,777, 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 69.02% 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 ( 23.90%), row houses and other attached homes ( 4.28%), and a few large apartment complexes or high rise apartments ( 2.80%).

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 73.78% of Grosse Pointe Park's homes, and 55.40% have either three or four bedrooms, which is average sized relative to America.

The housing in Grosse Pointe Park was primarily built before 1939 ( 65.32%), 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 ( 28.79%), followed by between 1970-1999 ( 4.97%).

Vacant housing appears to be an issue in Grosse Pointe Park. Fully 10.11% of the housing stock is classified as vacant. Left unchecked, vacant Grosse Pointe Park homes and apartments can be a drag on the real estate market, holding Grosse Pointe Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

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 -0.44% during the period.

Appreciation rates are so strong in Grosse Pointe Park that despite a nationwide downturn in the housing market, Grosse Pointe Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grosse Pointe Park appreciation rates continue to be some of the highest in America, at 6.81%, which is higher than appreciation rates in 80.06% 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 Park. Grosse Pointe Park 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 Park 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 Park's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$410,777

Grosse Pointe Park, MI HOME PRICES

Value Range
> $1,269,000 1.3
$952,001 - $1,269,000 1.7
$634,001 - $952,000 11.0
$507,001 - $634,000 12.7
$380,001 - $507,000 19.9
$254,001 - $380,000 24.5
$127,001 - $254,000 20.9
$63,001 - $127,000 6.3
$0 - $63,000 1.7

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
8.95347474510723 1.6025641025641

Number Of Homes And Apartments:
4,303

Grosse Pointe Park 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
-4.56% -0.27% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,284 / per month

Homeownership Rate

Homeownership
Owners 73.78
Renters 26.22
Vacant 10.11

Housing Market Details

 

Age of Homes

AGE OF Grosse Pointe Park HOMES
2000 or Newer 0.9
1970 - 1999 5.0
1940 - 1969 28.8
1939 or Older 65.3

Types of Homes

TYPE OF Grosse Pointe Park HOMES
Single-Family 69.0
Townhomes 4.3
Small Apt. Buildings 23.9
Apt. Complexes 2.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Grosse Pointe Park HOMES
No Bedroom 2.99
1 Bedroom 4.09
2 Bedrooms 22.71
3 Bedrooms 28.01
4 Bedrooms 27.39
5 or more bedrooms 14.81