Monroe, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Monroe, 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

Monroe Housing Market Information

With 20,092 people, 8,175 houses or apartments, and a median cost of homes of $124,776, 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 71.26% of the city's housing units. Other types of housing that are prevalent in Monroe include large apartment complexes or high rise apartments ( 14.86%), duplexes, homes converted to apartments or other small apartment buildings ( 10.19%), and a few row houses and other attached homes ( 3.48%).

The most prevalent building size and type in Monroe are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.94% owning and 38.06% renting.

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 39.36% of the city's housing hails from this era. Other housing ages represented in Monroe include homes built before 1939 ( 32.35%) and housing constructed between 1970-1999 ( 22.01%). There's also some housing in Monroe built between 2000 and later ( 6.28%).

Monroe Home Appreciation Rates

Homes have actually lost value in Monroe over the last then years, as home values have seen a decline of 20.77% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Monroe home appreciation rates at 0.67%, which equates to an annual appreciation rate of 2.71%.

Over the last year, Monroe appreciation rates have trailed the rest of the nation. In the last twelve months, Monroe's appreciation rate has been 2.28%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Monroe were at 0.67%, which equates to an annual appreciation rate of 2.71%.

Relative to Michigan, our data show that Monroe'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 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:
$124,776

Monroe, MI HOME PRICES

Value Range
> $1,160,000 0.1
$870,001 - $1,160,000 0.1
$580,001 - $870,000 0.2
$464,001 - $580,000 0.5
$348,001 - $464,000 1.9
$232,001 - $348,000 6.9
$116,001 - $232,000 41.2
$58,001 - $116,000 36.8
$0 - $58,000 12.3

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
62.6860424235322 55.1282051282051

Number Of Homes And Apartments:
8,175

Monroe 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
-10.55% -0.64% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$930 / per month

Homeownership Rate

Homeownership
Owners 61.94
Renters 38.06
Vacant 9.23

Housing Market Details

 

Age of Homes

AGE OF Monroe HOMES
2000 or Newer 6.3
1970 - 1999 22.0
1940 - 1969 39.4
1939 or Older 32.3

Types of Homes

TYPE OF Monroe HOMES
Single-Family 71.3
Townhomes 3.5
Small Apt. Buildings 10.2
Apt. Complexes 14.9
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Monroe HOMES
No Bedroom 1.49
1 Bedroom 10.44
2 Bedrooms 25.48
3 Bedrooms 41.73
4 Bedrooms 17.00
5 or more bedrooms 3.86