Michigan
REAL ESTATE APPRECIATION & HOUSING MARKET TRENDS






Michigan Real Estate Market & Appreciation

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Average Home Values

Median Home Value:
$177,838

Number Of Homes And Apartments:
3,935,041

Michigan Home Prices

> $1,206,271
0.7%
0.7%
$904,656 - $1,206,271
0.7%
0.7%
$603,163 - $904,655
2.7%
2.7%
$482,457 - $603,162
3.2%
3.2%
$361,919 - $482,456
7.6%
7.6%
$241,326 - $361,918
17.0%
17.0%
$120,631 - $241,325
34.3%
34.3%
$60,315 - $120,630
19.8%
19.8%
$0 - $60,314
14.1%
14.1%
0.0% 100.0%
% OF HOMES

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2020 Q3 - 2020 Q4
1.93% 7.95%
4
Last 12 Months:
2019 Q4 - 2020 Q4
6.20% 6.20%
6
Last 2 Years:
2018 Q4 - 2020 Q4
11.77% 5.72%
7
Last 5 Years:
2015 Q4 - 2020 Q4
33.82% 6.00%
8
Last 10 Years:
2010 Q4 - 2020 Q4
57.14% 4.62%
8
Since 2000:
2000 Q1 - 2020 Q4
48.71% 1.93%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,136 / per month

Homeownership Rate

Owners
69.6%
69.6%
Renters
30.4%
30.4%
Vacant
14.4%
14.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

Age of Homes

2000 or Newer
12.4%
12.4%
1970 - 1999
38.5%
38.5%
1940 - 1969
34.4%
34.4%
1939 or Older
14.8%
14.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.2%
72.2%
Townhomes
4.6%
4.6%
Small Apt. Buildings
4.9%
4.9%
Apt. Complexes
13.0%
13.0%
Mobile Homes
5.3%
5.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
9.0%
9.0%
2 Bedrooms
25.4%
25.4%
3 Bedrooms
43.8%
43.8%
4 Bedrooms
16.5%
16.5%
5 or more bedrooms
3.7%
3.7%
0.0% 100.0%
% OF HOMES