Northville, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Northville Neighborhoods Since 2000




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 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

Northville Housing Market Information

With 6,010 people, 2,545 houses or apartments, and a median cost of homes of $305,665, Northville real estate is some of the most expensive in Michigan, although Northville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Northville, accounting for 64.77% of the city's housing units. Other types of housing that are prevalent in Northville include large apartment complexes or high rise apartments ( 14.94%), row houses and other attached homes ( 14.31%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.98%).

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 72.74% of Northville's homes, and 64.00% 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 ( 26.15%). A lesser amount of the housing stock also hails from before 1939 ( 24.12%). There's also some housing in Northville built between 2000 and later ( 5.86%).

Northville Home Appreciation Rates

Appreciation rates for homes in Northville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.42%, which ranks in the top 30% nationwide. This equates to an annual average Northville house appreciation rate of 1.09%.

Appreciation rates are so strong in Northville that despite a nationwide downturn in the housing market, Northville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Northville appreciation rates continue to be some of the highest in America, at 6.18%, which is higher than appreciation rates in 75.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Northville. Northville appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Northville 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 Northville'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 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:
$305,665

Northville, MI HOME PRICES

Value Range
> $1,249,000 0.4
$936,001 - $1,249,000 1.6
$624,001 - $936,000 8.6
$500,001 - $624,000 10.3
$374,001 - $500,000 22.7
$250,001 - $374,000 24.0
$124,001 - $250,000 26.2
$62,001 - $124,000 3.7
$0 - $62,000 2.4

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
15.8678073362241 4.48717948717949

Number Of Homes And Apartments:
2,545

Northville 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
21.36% 1.13% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,466 / per month

Homeownership Rate

Homeownership
Owners 72.74
Renters 27.26
Vacant 6.12

Housing Market Details

 

Age of Homes

AGE OF Northville HOMES
2000 or Newer 5.9
1970 - 1999 43.9
1940 - 1969 26.2
1939 or Older 24.1

Types of Homes

TYPE OF Northville HOMES
Single-Family 64.8
Townhomes 14.3
Small Apt. Buildings 6.0
Apt. Complexes 14.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Northville HOMES
No Bedroom 1.33
1 Bedroom 10.00
2 Bedrooms 21.54
3 Bedrooms 37.51
4 Bedrooms 26.48
5 or more bedrooms 3.14