Grosse Pointe, 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, MI Housing Market Trends

With a population of 5,154, 2,152 total housing units (homes and apartments), and a median house value of $506,490, 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 69.16% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe include row houses and other attached homes ( 12.93%), duplexes, homes converted to apartments or other small apartment buildings ( 11.78%), and a few large apartment complexes or high rise apartments ( 6.13%).

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 80.76% of Grosse Pointe's homes, and 63.21% have either three or four bedrooms, which is average sized relative to America.

The housing in Grosse Pointe was primarily built before 1939 ( 55.34%), 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 ( 33.99%), followed by between 1970-1999 ( 9.66%). There's also some housing in Grosse Pointe built between 2000 and later ( 1.02%).

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 86.90% over the last ten years, which is an average annual home appreciation rate of 6.45%, 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.

Over the last year, Grosse Pointe appreciation rates have trailed the rest of the nation. In the last twelve months, Grosse Pointe's appreciation rate has been 7.38%, 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 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 lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$506,490

Grosse Pointe, MI HOME PRICES

> $1,229,000
2.1%
2.1%
$922,001 - $1,229,000
5.5%
5.5%
$615,001 - $922,000
16.5%
16.5%
$491,001 - $615,000
13.3%
13.3%
$369,001 - $491,000
25.2%
25.2%
$246,001 - $369,000
21.7%
21.7%
$123,001 - $246,000
12.1%
12.1%
$61,001 - $123,000
3.1%
3.1%
$0 - $61,000
0.5%
0.5%
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:
2,152

Grosse Pointe 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
24.95% 1.04%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,560 / per month

Homeownership Rate

Owners
80.8%
80.8%
Renters
19.2%
19.2%
Vacant
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.0%
1.0%
1970 - 1999
9.7%
9.7%
1940 - 1969
34.0%
34.0%
1939 or Older
55.3%
55.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
69.2%
69.2%
Townhomes
12.9%
12.9%
Small Apt. Buildings
11.8%
11.8%
Apt. Complexes
6.1%
6.1%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.3%
0.3%
1 Bedroom
3.0%
3.0%
2 Bedrooms
20.3%
20.3%
3 Bedrooms
36.5%
36.5%
4 Bedrooms
26.7%
26.7%
5 or more bedrooms
13.2%
13.2%
0.0% 100.0%
% OF HOMES