Milford, 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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Milford, MI Housing Market Trends

With 6,515 people, 2,673 houses or apartments, and a median cost of homes of $292,524, Milford real estate is some of the most expensive in Michigan, although Milford home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Milford, accounting for 69.54% of the village's housing units. Other types of housing that are prevalent in Milford include row houses and other attached homes ( 13.70%), large apartment complexes or high rise apartments ( 9.57%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.83%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 72.56% of Milford's homes, and 66.07% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Milford 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 Milford built between 1940-1969 ( 30.32%). A lesser amount of the housing stock also hails from before 1939 ( 17.49%). There's also some housing in Milford built between 2000 and later ( 12.83%).

Milford Home Appreciation Rates

In the last 10 years, Milford has experienced some of the highest home appreciation rates of any community in the nation. Milford real estate appreciated 92.20% over the last ten years, which is an average annual home appreciation rate of 6.75%, putting Milford in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Milford definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Milford appreciation rates have trailed the rest of the nation. In the last twelve months, Milford's appreciation rate has been 4.52%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milford were at 1.28%, which equates to an annual appreciation rate of 5.22%.

Notably, Milford's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Michigan, our data show that Milford's latest annual appreciation rate is lower than 80% 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 village. Individual neighborhoods within Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - 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 Milford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$292,524

Milford, MI HOME PRICES

> $1,212,000
0.4%
0.4%
$909,001 - $1,212,000
1.2%
1.2%
$606,001 - $909,000
2.6%
2.6%
$485,001 - $606,000
8.0%
8.0%
$364,001 - $485,000
26.1%
26.1%
$242,001 - $364,000
27.8%
27.8%
$121,001 - $242,000
29.1%
29.1%
$60,001 - $121,000
2.2%
2.2%
$0 - $60,000
2.6%
2.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
2,673

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
47.66% 1.85%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$930 / per month

Homeownership Rate

Owners
72.6%
72.6%
Renters
27.4%
27.4%
Vacant
6.3%
6.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.8%
12.8%
1970 - 1999
39.4%
39.4%
1940 - 1969
30.3%
30.3%
1939 or Older
17.5%
17.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
69.5%
69.5%
Townhomes
13.7%
13.7%
Small Apt. Buildings
6.8%
6.8%
Apt. Complexes
9.6%
9.6%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
8.7%
8.7%
2 Bedrooms
22.2%
22.2%
3 Bedrooms
44.1%
44.1%
4 Bedrooms
22.0%
22.0%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES