Michigan
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Michigan Real Estate Values & Housing Market 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

Average Home Values

Median Home Value:
$164,209

Number Of Homes And Apartments:
3,888,646

Michigan Home Prices

Value Range
> $1,249,876 0.6
$937,483 - $1,249,876 0.6
$624,983 - $937,482 2.0
$499,964 - $624,982 2.5
$375,001 - $499,963 6.1
$250,001 - $375,000 14.6
$125,001 - $250,000 34.1
$62,494 - $125,000 22.8
$0 - $62,493 16.7

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2019 Q1 - 2019 Q2
2.15% 8.87%
7
Last 12 Months:
2018 Q2 - 2019 Q2
5.92% 5.92%
9
Last 2 Years:
2017 Q2 - 2019 Q2
13.77% 6.66%
8
Last 5 Years:
2014 Q2 - 2019 Q2
36.42% 6.41%
8
Last 10 Years:
2009 Q2 - 2019 Q2
36.11% 3.13%
7
Since 2000:
2000 Q1 - 2019 Q2
40.21% 1.77%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,114 / per month

Homeownership Rate

Homeownership
Owners 69.34
Renters 30.66
Vacant 14.88

Housing Details

Age of Homes

AGE OF Michigan HOMES
2000 or Newer 11.5
1970 - 1999 38.5
1940 - 1969 34.9
1939 or Older 15.1

Types of Homes

TYPE OF Michigan HOMES
Single-Family 72.3
Townhomes 4.6
Small Apt. Buildings 4.9
Apt. Complexes 12.8
Mobile Homes 5.3
Other 0.0

Home Size

SIZE OF Michigan HOMES
No Bedroom 1.48
1 Bedroom 9.06
2 Bedrooms 25.70
3 Bedrooms 43.88
4 Bedrooms 16.31
5 or more bedrooms 3.57