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 Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 5,678, 2,196 total housing units (homes and apartments), and a median house value of $500,881, 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 65.17% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe include row houses and other attached homes ( 14.94%), duplexes, homes converted to apartments or other small apartment buildings ( 13.95%), and a few large apartment complexes or high rise apartments ( 5.94%).

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 81.88% of Grosse Pointe's homes, and 64.09% have either three or four bedrooms, which is average sized relative to America.

The housing in Grosse Pointe was primarily built before 1939 ( 58.65%), 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 ( 32.52%), followed by between 1970-1999 ( 8.05%).

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 93.99% over the last ten years, which is an average annual home appreciation rate of 6.85%, 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.

NeighborhoodScout's data show that during the latest twelve months, Grosse Pointe's appreciation rate, at 17.91%, has been at or slightly above the national average. In the latest quarter, Grosse Pointe's appreciation rate has been 6.81%, which annualizes to a rate of 30.15%.

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

Average Home Values

 

Median Home Value:
$500,881

Grosse Pointe, MI HOME PRICES

> $1,268,000
1.8%
1.8%
$952,001 - $1,268,000
4.7%
4.7%
$634,001 - $952,000
14.8%
14.8%
$507,001 - $634,000
13.2%
13.2%
$381,001 - $507,000
25.4%
25.4%
$254,001 - $381,000
20.7%
20.7%
$127,001 - $254,000
12.1%
12.1%
$63,001 - $127,000
6.6%
6.6%
$0 - $63,000
0.6%
0.6%
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:
2,196

Grosse Pointe Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
33.28% 1.31%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,127 / per month

Homeownership Rate

Owners
81.9%
81.9%
Renters
18.1%
18.1%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
0.8%
0.8%
1970 - 1999
8.0%
8.0%
1940 - 1969
32.5%
32.5%
1939 or Older
58.6%
58.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.2%
65.2%
Townhomes
14.9%
14.9%
Small Apt. Buildings
13.9%
13.9%
Apt. Complexes
5.9%
5.9%
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
4.0%
4.0%
2 Bedrooms
18.5%
18.5%
3 Bedrooms
38.9%
38.9%
4 Bedrooms
25.2%
25.2%
5 or more bedrooms
13.1%
13.1%
0.0% 100.0%
% OF HOMES