Hamtramck, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Hamtramck Neighborhoods Since 2000




Hamtramck, 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

Hamtramck Housing Market Information

With a population of 22,002, 6,241 total housing units (homes and apartments), and a median house value of $57,018, house prices in Hamtramck are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Hamtramck, accounting for 48.95% of the city's housing units. Other types of housing that are prevalent in Hamtramck include duplexes, homes converted to apartments or other small apartment buildings ( 27.13%), row houses and other attached homes ( 17.05%), and a few large apartment complexes or high rise apartments ( 5.98%).

People in Hamtramck primarily live in small (one, two or no bedroom) single-family detached homes. Hamtramck has a mixture of owner-occupied and renter-occupied housing.

The housing in Hamtramck was primarily built before 1939 ( 53.36%), making the housing stock in Hamtramck some of the oldest overall in America, although there is a range of ages of homes in Hamtramck. The next most important housing age is between 1940-1969 ( 35.82%), followed by between 1970-1999 ( 7.70%). There's also some housing in Hamtramck built between 2000 and later ( 3.12%).

Vacant housing appears to be an issue in Hamtramck. Fully 23.36% of the housing stock is classified as vacant. Left unchecked, vacant Hamtramck homes and apartments can be a drag on the real estate market, holding Hamtramck real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Hamtramck Home Appreciation Rates

Homes have actually lost value in Hamtramck over the last then years, as home values have seen a decline of 21.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hamtramck home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Hamtramck that despite a nationwide downturn in the housing market, Hamtramck real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hamtramck appreciation rates continue to be some of the highest in America, at 6.60%, which is higher than appreciation rates in 78.57% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hamtramck. Hamtramck appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Hamtramck 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 Hamtramck's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hamtramck differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hamtramck - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Hamtramck real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$57,018

Hamtramck, MI HOME PRICES

Value Range
> $1,184,000 0.0
$888,001 - $1,184,000 0.0
$592,001 - $888,000 0.2
$474,001 - $592,000 0.0
$355,001 - $474,000 1.2
$237,001 - $355,000 0.7
$119,001 - $237,000 6.2
$59,001 - $119,000 32.4
$0 - $59,000 59.4

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.5233798195242 97.9166666666667

Number Of Homes And Apartments:
6,241

Hamtramck 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
-14.60% -0.91% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$863 / per month

Homeownership Rate

Homeownership
Owners 46.47
Renters 53.53
Vacant 23.36

Housing Market Details

 

Age of Homes

AGE OF Hamtramck HOMES
2000 or Newer 3.1
1970 - 1999 7.7
1940 - 1969 35.8
1939 or Older 53.4

Types of Homes

TYPE OF Hamtramck HOMES
Single-Family 49.0
Townhomes 17.0
Small Apt. Buildings 27.1
Apt. Complexes 6.0
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Hamtramck HOMES
No Bedroom 1.71
1 Bedroom 11.30
2 Bedrooms 43.93
3 Bedrooms 27.19
4 Bedrooms 10.97
5 or more bedrooms 4.91