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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Milan, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Milan, MI Housing Market Trends

With 6,053 people, 917 houses or apartments, and a median cost of homes of $277,544, Milan real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Milan, accounting for 48.81% of the city's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 27.57%), row houses and other attached homes ( 10.18%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.51%).

Dwellings in Milan tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 47.13% of the homes in Milan have two or fewer bedrooms.

There is a lot of housing in Milan built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Milan built between 2000 and later ( 23.12%). A lesser amount of the housing stock also hails from before 1939 ( 18.77%). There's also some housing in Milan built between 1940-1969 ( 15.42%).

Milan Home Appreciation Rates

Appreciation rates for homes in Milan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.95%, which ranks in the top 30% nationwide. This equates to an annual average Milan house appreciation rate of 7.33%.

Over the last year, Milan appreciation rates have trailed the rest of the nation. In the last twelve months, Milan's appreciation rate has been 3.76%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milan were at 0.31%, which equates to an annual appreciation rate of 1.24%.

Relative to Michigan, our data show that Milan's latest annual appreciation rate is lower than 90% 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 Milan differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milan - 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 Milan real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$277,544

Milan, MI Home Prices
> $1,249,000
$937,001 - $1,249,000
$625,001 - $937,000
$500,001 - $625,000
$375,001 - $500,000
$250,001 - $375,000
$125,001 - $250,000
$62,001 - $125,000
$0 - $62,000
1.0%
1.0%
0.6%
0.6%
0.7%
0.7%
1.0%
1.0%
9.6%
9.6%
48.0%
48.0%
34.6%
34.6%
2.8%
2.8%
1.6%
1.6%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

917

Milan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,585 / per month

Homeownership Rate

Owners
Renters
66.8%
66.8%
33.2%
33.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.4%
9.4%
90.6%
90.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
23.1%
23.1%
42.7%
42.7%
15.4%
15.4%
18.8%
18.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
48.8%
48.8%
10.2%
10.2%
7.5%
7.5%
27.6%
27.6%
5.9%
5.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
7.8%
7.8%
39.3%
39.3%
36.9%
36.9%
9.8%
9.8%
6.2%
6.2%
0% 100.0%
% of Homes