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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

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

Average Home Values

Median Home Value:
$154,572

Number Of Homes And Apartments:
3,860,394

Michigan Home Prices

Value Range
> $1,259,056 0.5
$944,333 - $1,259,056 0.5
$629,667 - $944,332 1.8
$503,817 - $629,666 2.2
$377,858 - $503,816 5.4
$251,790 - $377,857 13.6
$125,989 - $251,789 34.0
$63,001 - $125,988 24.2
$0 - $63,000 17.8

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2018 Q1 - 2018 Q2
3.14% 13.15%
9
Last 12 Months:
2017 Q2 - 2018 Q2
7.13% 7.13%
8
Last 2 Years:
2016 Q2 - 2018 Q2
15.46% 7.45%
8
Last 5 Years:
2013 Q2 - 2018 Q2
38.60% 6.75%
8
Last 10 Years:
2008 Q2 - 2018 Q2
19.92% 1.83%
7
Since 2000:
2000 Q1 - 2018 Q2
32.69% 1.56%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,092 / per month

Homeownership Rate

Homeownership
Owners 69.13
Renters 30.87
Vacant 15.06

Housing Details

Age of Homes

AGE OF Michigan HOMES
2000 or Newer 11.2
1970 - 1999 38.4
1940 - 1969 35.2
1939 or Older 15.1

Types of Homes

TYPE OF Michigan HOMES
Single-Family 72.1
Townhomes 4.7
Small Apt. Buildings 5.0
Apt. Complexes 12.8
Mobile Homes 5.3
Other 0.0

Home Size

SIZE OF Michigan HOMES
No Bedroom 1.45
1 Bedroom 9.10
2 Bedrooms 25.94
3 Bedrooms 43.89
4 Bedrooms 16.07
5 or more bedrooms 3.54