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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.



Monroe, 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

Monroe, MI Housing Market Trends

With 20,295 people, 8,323 houses or apartments, and a median cost of homes of $180,807, house prices in Monroe are solidly below the national average.

Single-family detached homes are the single most common housing type in Monroe, accounting for 71.77% of the city's housing units. Other types of housing that are prevalent in Monroe include large apartment complexes or high rise apartments ( 15.15%), duplexes, homes converted to apartments or other small apartment buildings ( 11.12%), and a few row houses and other attached homes ( 1.72%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Monroe. Owner-occupied housing accounts for 65.71% of Monroe's homes, and 62.04% 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. Monroe's housing was primarily built during this period, from the '40s through the '60s. A full 38.21% of the city's housing hails from this era. Other housing ages represented in Monroe include homes built before 1939 ( 33.64%) and housing constructed between 1970-1999 ( 23.74%). There's also some housing in Monroe built between 2000 and later ( 4.40%).

Monroe Home Appreciation Rates

Real estate appreciation rates in Monroe's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.36% during the period.

NeighborhoodScout's data show that during the latest twelve months, Monroe's appreciation rate, at 3.91%, has been at or slightly above the national average. In the latest quarter, Monroe's appreciation rate has been 2.18%, which annualizes to a rate of 9.01%.

Relative to Michigan, our data show that Monroe's latest annual appreciation rate is higher than 50% 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 Monroe differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monroe - 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 Monroe real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$180,807

Monroe, MI Home Prices
> $1,289,000
$967,001 - $1,289,000
$645,001 - $967,000
$516,001 - $645,000
$387,001 - $516,000
$258,001 - $387,000
$129,001 - $258,000
$64,001 - $129,000
$0 - $64,000
0.4%
0.4%
0.0%
0.0%
0.0%
0.0%
0.8%
0.8%
4.3%
4.3%
10.0%
10.0%
54.4%
54.4%
21.5%
21.5%
8.6%
8.6%
0% 100.0%
% of Homes
Low

for Michigan

Low

for nation

Number of Homes And Apartments:

8,323

Monroe Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,463 / per month

Homeownership Rate

Owners
Renters
Vacant
65.7%
65.7%
34.3%
34.3%
6.3%
6.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.4%
4.4%
23.7%
23.7%
38.2%
38.2%
33.6%
33.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.8%
71.8%
1.7%
1.7%
11.1%
11.1%
15.2%
15.2%
0.2%
0.2%
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
2.7%
2.7%
11.2%
11.2%
22.7%
22.7%
46.4%
46.4%
15.6%
15.6%
1.4%
1.4%
0% 100.0%
% of Homes