Milan, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Milan Neighborhoods Since 2000




Milan, 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

Milan Housing Market Information

With 5,983 people, 2,272 houses or apartments, and a median cost of homes of $161,201, 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 65.99% of the city's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 13.10%), duplexes, homes converted to apartments or other small apartment buildings ( 9.67%), and a few row houses and other attached homes ( 8.31%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milan. Owner-occupied housing accounts for 67.06% of Milan's homes, and 66.65% have either three or four bedrooms, which is average sized relative to America.

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. Milan's housing was primarily built during this period, from the '40s through the '60s. A full 29.92% of the city's housing hails from this era. Other housing ages represented in Milan include homes built between 1970-1999 ( 26.69%) and housing constructed between 2000 and later ( 22.93%). There's also some housing in Milan built before 1939 ( 20.45%).

Milan Home Appreciation Rates

Milan's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Milan during the period has been just -1.28%, which is lower than 70% of US communities.

Appreciation rates are so strong in Milan that despite a nationwide downturn in the housing market, Milan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milan appreciation rates continue to be some of the highest in America, at 7.23%, which is higher than appreciation rates in 82.63% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milan. Milan appreciation rates in the latest quarter were at 1.90%, which equates to an annual appreciation rate of 7.80%.

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

Average Home Values

 

Median Home Value:
$161,201

Milan, MI HOME PRICES

Value Range
> $1,240,000 0.9
$930,001 - $1,240,000 0.0
$620,001 - $930,000 0.0
$496,001 - $620,000 0.9
$372,001 - $496,000 1.4
$248,001 - $372,000 7.0
$124,001 - $248,000 62.4
$62,001 - $124,000 22.1
$0 - $62,000 5.3

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
45.1423883745459 31.0897435897436

Number Of Homes And Apartments:
2,272

Milan 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
0.80% 0.05% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,044 / per month

Homeownership Rate

Homeownership
Owners 67.06
Renters 32.94
Vacant 6.12

Housing Market Details

 

Age of Homes

AGE OF Milan HOMES
2000 or Newer 22.9
1970 - 1999 26.7
1940 - 1969 29.9
1939 or Older 20.5

Types of Homes

TYPE OF Milan HOMES
Single-Family 66.0
Townhomes 8.3
Small Apt. Buildings 9.7
Apt. Complexes 13.1
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Milan HOMES
No Bedroom 0.29
1 Bedroom 7.23
2 Bedrooms 23.60
3 Bedrooms 50.83
4 Bedrooms 15.83
5 or more bedrooms 2.23