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 Q3 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:
$167,066

Number Of Homes And Apartments:
3,901,762

Michigan Home Prices

Value Range
> $1,271,988 0.6
$953,931 - $1,271,988 0.6
$635,953 - $953,930 2.0
$508,692 - $635,952 2.5
$381,512 - $508,691 6.1
$254,300 - $381,511 14.6
$127,109 - $254,299 34.1
$63,552 - $127,108 22.8
$0 - $63,551 16.7

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2019 Q2 - 2019 Q3
1.08% 4.40%
6
Last 12 Months:
2018 Q3 - 2019 Q3
4.89% 4.89%
6
Last 2 Years:
2017 Q3 - 2019 Q3
12.65% 6.14%
8
Last 5 Years:
2014 Q3 - 2019 Q3
34.86% 6.16%
8
Last 10 Years:
2009 Q3 - 2019 Q3
43.99% 3.71%
8
Since 2000:
2000 Q1 - 2019 Q3
41.59% 1.80%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,126 / 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