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




Highest
Lowest

Highest Appreciating Grosse Pointe Woods Neighborhoods Since 2000




Grosse Pointe Woods, 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 Woods Housing Market Information

With 15,762 people, 6,089 houses or apartments, and a median cost of homes of $298,730, Grosse Pointe Woods real estate is some of the most expensive in Michigan, although Grosse Pointe Woods home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Grosse Pointe Woods, accounting for 96.44% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe Woods include large apartment complexes or high rise apartments ( 2.50%).

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 Woods. Owner-occupied housing accounts for 87.20% of Grosse Pointe Woods's homes, and 81.13% 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 Woods's housing was primarily built during this period, from the '40s through the '60s. A full 78.82% of the city's housing hails from this era. Other housing ages represented in Grosse Pointe Woods include homes built before 1939 ( 11.81%) and housing constructed between 1970-1999 ( 6.90%). There's also some housing in Grosse Pointe Woods built between 2000 and later ( 2.46%).

Grosse Pointe Woods Home Appreciation Rates

Grosse Pointe Woods's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Grosse Pointe Woods during the period has been just -0.91%, which is lower than 70% of US communities.

Appreciation rates are so strong in Grosse Pointe Woods that despite a nationwide downturn in the housing market, Grosse Pointe Woods real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grosse Pointe Woods appreciation rates continue to be some of the highest in America, at 5.75%, which is higher than appreciation rates in 71.92% 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 Woods. Grosse Pointe Woods 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 Woods 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 Woods's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$298,730

Grosse Pointe Woods, MI HOME PRICES

Value Range
> $1,259,000 1.0
$944,001 - $1,259,000 0.6
$629,001 - $944,000 1.5
$504,001 - $629,000 3.4
$378,001 - $504,000 8.9
$252,001 - $378,000 28.0
$126,001 - $252,000 42.2
$63,001 - $126,000 10.8
$0 - $63,000 3.5

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
16.4010312902848 4.96794871794872

Number Of Homes And Apartments:
6,089

Grosse Pointe Woods 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
-10.00% -0.61% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,517 / per month

Homeownership Rate

Homeownership
Owners 87.20
Renters 12.80
Vacant 6.21

Housing Market Details

 

Age of Homes

AGE OF Grosse Pointe Woods HOMES
2000 or Newer 2.5
1970 - 1999 6.9
1940 - 1969 78.8
1939 or Older 11.8

Types of Homes

TYPE OF Grosse Pointe Woods HOMES
Single-Family 96.4
Townhomes 0.8
Small Apt. Buildings 0.2
Apt. Complexes 2.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Grosse Pointe Woods HOMES
No Bedroom 0.54
1 Bedroom 1.49
2 Bedrooms 11.28
3 Bedrooms 53.90
4 Bedrooms 27.23
5 or more bedrooms 5.56