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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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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, 2,454 houses or apartments, and a median cost of homes of $258,126, 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 61.57% of the city's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 14.03%), row houses and other attached homes ( 13.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.87%).

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 69.66% of Milan's homes, and 55.38% 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 35.88% of the city's housing hails from this era. Other housing ages represented in Milan include homes built between 1970-1999 ( 24.25%) and housing constructed between 2000 and later ( 21.59%). There's also some housing in Milan built before 1939 ( 18.28%).

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 104.57%, which ranks in the top 30% nationwide. This equates to an annual average Milan house appreciation rate of 7.42%.

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 0.45%, 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 5.10%, which equates to an annual appreciation rate of 22.02%.

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 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

$258,126

Milan, MI Home Prices
> $1,356,000
$1,017,001 - $1,356,000
$678,001 - $1,017,000
$543,001 - $678,000
$407,001 - $543,000
$271,001 - $407,000
$135,001 - $271,000
$68,001 - $135,000
$0 - $68,000
0.9%
0.9%
0.1%
0.1%
1.2%
1.2%
1.0%
1.0%
3.4%
3.4%
33.6%
33.6%
54.1%
54.1%
4.1%
4.1%
1.6%
1.6%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

2,454

Milan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,552 / per month

Homeownership Rate

Owners
Renters
Vacant
69.7%
69.7%
30.3%
30.3%
6.7%
6.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.6%
21.6%
24.2%
24.2%
35.9%
35.9%
18.3%
18.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.6%
61.6%
13.6%
13.6%
7.9%
7.9%
14.0%
14.0%
2.9%
2.9%
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%
6.7%
6.7%
35.3%
35.3%
41.5%
41.5%
13.9%
13.9%
2.6%
2.6%
0% 100.0%
% of Homes