Northville MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



Map Loading GIF Please wait, loading your map...

Highest
Lowest




Northville, 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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Northville Housing Market Information

With 5,988 people, 2,550 houses or apartments, and a median cost of homes of $360,582, Northville house prices are not only among the most expensive in Michigan, Northville real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Northville, accounting for 66.19% of the city's housing units. Other types of housing that are prevalent in Northville include row houses and other attached homes ( 14.25%), large apartment complexes or high rise apartments ( 13.80%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.75%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Northville. Owner-occupied housing accounts for 76.18% of Northville's homes, and 65.63% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Northville 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 Northville built between 1940-1969 ( 25.80%). A lesser amount of the housing stock also hails from before 1939 ( 23.32%). There's also some housing in Northville built between 2000 and later ( 5.23%).

Northville Home Appreciation Rates

In the last 10 years, Northville has experienced some of the highest home appreciation rates of any community in the nation. Northville real estate appreciated 66.11% over the last ten years, which is an average annual home appreciation rate of 5.21%, putting Northville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Northville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Northville's appreciation rate, at 2.94%, has been at or slightly above the national average. In the latest quarter, Northville's appreciation rate has been 0.61%, which annualizes to a rate of 2.48%.

Relative to Michigan, our data show that Northville's latest annual appreciation rate is lower than 70% 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 Northville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Northville - 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 Northville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$360,582

Northville, MI HOME PRICES

Value Range
> $1,224,000 1.4
$918,001 - $1,224,000 3.4
$612,001 - $918,000 9.3
$489,001 - $612,000 16.7
$367,001 - $489,000 25.5
$244,001 - $367,000 20.9
$122,001 - $244,000 16.4
$61,001 - $122,000 3.6
$0 - $61,000 2.8

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
13.9386861313869 4.32692307692308

Number Of Homes And Apartments:
2,550

Northville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
39.06% 1.71%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,696 / per month

Homeownership Rate

Homeownership
Owners 76.18
Renters 23.82
Vacant 4.10

Housing Market Details

 

Age of Homes

AGE OF Northville HOMES
2000 or Newer 5.2
1970 - 1999 45.7
1940 - 1969 25.8
1939 or Older 23.3

Types of Homes

TYPE OF Northville HOMES
Single-Family 66.2
Townhomes 14.3
Small Apt. Buildings 5.8
Apt. Complexes 13.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Northville HOMES
No Bedroom 2.26
1 Bedroom 8.84
2 Bedrooms 19.74
3 Bedrooms 37.83
4 Bedrooms 27.79
5 or more bedrooms 3.54