Melvindale, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Melvindale Neighborhoods Since 2000




Melvindale, MI Real Estate Data


Melvindale Housing Market Information

With a population of 10,404, 4,204 total housing units (homes and apartments), and a median house value of $61,210, house prices in Melvindale 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 Melvindale, accounting for 69.20% of the city's housing units. Other types of housing that are prevalent in Melvindale include large apartment complexes or high rise apartments ( 14.62%), duplexes, homes converted to apartments or other small apartment buildings ( 8.16%), and a few row houses and other attached homes ( 6.62%).

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

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. Melvindale's housing was primarily built during this period, from the '40s through the '60s. A full 65.32% of the city's housing hails from this era. Other housing ages represented in Melvindale include homes built before 1939 ( 12.40%) and housing constructed between 1970-1999 ( 12.32%). There's also some housing in Melvindale built between 2000 and later ( 9.96%).

Vacant housing appears to be an issue in Melvindale. Fully 11.33% of the housing stock is classified as vacant. Left unchecked, vacant Melvindale homes and apartments can be a drag on the real estate market, holding Melvindale 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.

Melvindale Home Appreciation Rates

Homes have actually lost value in Melvindale over the last then years, as home values have seen a decline of 39.71% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Melvindale home appreciation rates at 1.97%, which equates to an annual appreciation rate of 8.12%.

Over the last year, Melvindale appreciation rates have trailed the rest of the nation. In the last twelve months, Melvindale's appreciation rate has been 3.30%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Melvindale were at 1.97%, which equates to an annual appreciation rate of 8.12%.

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

Average Home Values

 

Median Home Value:
$61,210

Melvindale, MI HOME PRICES

Value Range
> $1,140,000 0.0
$855,001 - $1,140,000 0.0
$570,001 - $855,000 0.0
$456,001 - $570,000 0.0
$342,001 - $456,000 0.0
$229,001 - $342,000 0.0
$114,001 - $229,000 9.6
$57,001 - $114,000 44.8
$0 - $57,000 45.7

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.0617204427007 97.7564102564103

Number Of Homes And Apartments:
4,204

Rent & Ownership

 

Average Market Rent:
$973 / per month

Homeownership Rate

Homeownership
Owners 59.56
Renters 40.44
Vacant 11.33

Housing Market Details

 

Age of Homes

AGE OF Melvindale HOMES
2000 or Newer 10.0
1970 - 1999 12.3
1940 - 1969 65.3
1939 or Older 12.4

Types of Homes

TYPE OF Melvindale HOMES
Single-Family 69.2
Townhomes 6.6
Small Apt. Buildings 8.2
Apt. Complexes 14.6
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Melvindale HOMES
No Bedroom 0.76
1 Bedroom 10.80
2 Bedrooms 39.42
3 Bedrooms 39.97
4 Bedrooms 7.59
5 or more bedrooms 1.46

Melvindale Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
-36.02% -2.59% 1 1
* 10 is highest