Grosse Pointe, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Grosse Pointe, 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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Grosse Pointe Housing Market Information

With 5,188 people, 2,164 houses or apartments, and a median cost of homes of $451,616, Grosse Pointe house prices are not only among the most expensive in Michigan, Grosse Pointe 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, accounting for 64.74% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe include duplexes, homes converted to apartments or other small apartment buildings ( 16.89%), row houses and other attached homes ( 12.16%), and a few large apartment complexes or high rise apartments ( 6.21%).

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. Owner-occupied housing accounts for 77.73% of Grosse Pointe's homes, and 66.64% have either three or four bedrooms, which is average sized relative to America.

The housing in Grosse Pointe was primarily built before 1939 ( 56.04%), making the housing stock in Grosse Pointe some of the oldest overall in America, although there is a range of ages of homes in Grosse Pointe. The next most important housing age is between 1940-1969 ( 31.59%), followed by between 1970-1999 ( 10.94%). There's also some housing in Grosse Pointe built between 2000 and later ( 1.44%).

Grosse Pointe Home Appreciation Rates

In the last 10 years, Grosse Pointe has experienced some of the highest home appreciation rates of any community in the nation. Grosse Pointe real estate appreciated 31.53% over the last ten years, which is an average annual home appreciation rate of 2.78%, putting Grosse Pointe in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grosse Pointe definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Grosse Pointe that despite a nationwide downturn in the housing market, Grosse Pointe real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grosse Pointe appreciation rates continue to be some of the highest in America, at 7.56%, which is higher than appreciation rates in 79.18% 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. Grosse Pointe appreciation rates in the latest quarter were at 2.90%, which equates to an annual appreciation rate of 12.11%.

Relative to Michigan, our data show that Grosse Pointe's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$451,616

Grosse Pointe, MI HOME PRICES

Value Range
> $1,326,000 0.0
$995,001 - $1,326,000 2.6
$663,001 - $995,000 13.3
$531,001 - $663,000 14.6
$398,001 - $531,000 17.1
$265,001 - $398,000 27.3
$133,001 - $265,000 19.9
$66,001 - $133,000 3.1
$0 - $66,000 2.0

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
8.9985401459854 1.76282051282051

Number Of Homes And Apartments:
2,164

Grosse Pointe Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
11.38% 0.58%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,655 / per month

Homeownership Rate

Homeownership
Owners 77.73
Renters 22.27
Vacant 8.61

Housing Market Details

 

Age of Homes

AGE OF Grosse Pointe HOMES
2000 or Newer 1.4
1970 - 1999 10.9
1940 - 1969 31.6
1939 or Older 56.0

Types of Homes

TYPE OF Grosse Pointe HOMES
Single-Family 64.7
Townhomes 12.2
Small Apt. Buildings 16.9
Apt. Complexes 6.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Grosse Pointe HOMES
No Bedroom 0.84
1 Bedroom 3.04
2 Bedrooms 20.61
3 Bedrooms 37.29
4 Bedrooms 29.35
5 or more bedrooms 8.87