Grosse Pointe Woods, 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 Q2 2021. 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 Woods, MI Housing Market Trends

With a population of 15,332, 6,016 total housing units (homes and apartments), and a median house value of $378,089, 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 94.56% 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 ( 2.81%), duplexes, homes converted to apartments or other small apartment buildings ( 1.62%).

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 89.97% of Grosse Pointe Woods's homes, and 82.58% 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 78.46% of the city's housing hails from this era. Other housing ages represented in Grosse Pointe Woods include homes built before 1939 ( 10.28%) and housing constructed between 1970-1999 ( 7.85%). There's also some housing in Grosse Pointe Woods built between 2000 and later ( 3.40%).

Grosse Pointe Woods Home Appreciation Rates

In the last 10 years, Grosse Pointe Woods has experienced some of the highest home appreciation rates of any community in the nation. Grosse Pointe Woods real estate appreciated 80.92% over the last ten years, which is an average annual home appreciation rate of 6.11%, putting Grosse Pointe Woods in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grosse Pointe Woods definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Grosse Pointe Woods appreciation rates have trailed the rest of the nation. In the last twelve months, Grosse Pointe Woods's appreciation rate has been 7.61%, 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 Woods were at 2.90%, which equates to an annual appreciation rate of 12.11%.

Relative to Michigan, our data show that Grosse Pointe Woods's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$378,089

Grosse Pointe Woods, MI HOME PRICES

> $1,215,000
0.6%
0.6%
$911,001 - $1,215,000
0.7%
0.7%
$608,001 - $911,000
3.1%
3.1%
$486,001 - $608,000
6.8%
6.8%
$365,001 - $486,000
19.0%
19.0%
$243,001 - $365,000
33.3%
33.3%
$122,001 - $243,000
31.7%
31.7%
$61,001 - $122,000
2.3%
2.3%
$0 - $61,000
2.4%
2.4%
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:
6,016

Grosse Pointe Woods Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
14.45% 0.63%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,994 / per month

Homeownership Rate

Owners
90.0%
90.0%
Renters
10.0%
10.0%
Vacant
4.4%
4.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.4%
3.4%
1970 - 1999
7.9%
7.9%
1940 - 1969
78.5%
78.5%
1939 or Older
10.3%
10.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
94.6%
94.6%
Townhomes
0.9%
0.9%
Small Apt. Buildings
1.6%
1.6%
Apt. Complexes
2.8%
2.8%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
1.3%
1.3%
2 Bedrooms
10.6%
10.6%
3 Bedrooms
57.7%
57.7%
4 Bedrooms
24.9%
24.9%
5 or more bedrooms
4.3%
4.3%
0.0% 100.0%
% OF HOMES