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 Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Average Home Values

Median Home Value:
$169,865

Number Of Homes And Apartments:
3,909,509

Michigan Home Prices

Value Range
> $1,224,487 0.6
$918,276 - $1,224,487 0.7
$612,202 - $918,275 2.3
$489,708 - $612,201 2.9
$367,322 - $489,707 6.9
$244,925 - $367,321 15.8
$122,442 - $244,924 34.3
$61,204 - $122,441 21.2
$0 - $61,203 15.4

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2019 Q4 - 2020 Q1
0.49% 1.99%
3
Last 12 Months:
2019 Q1 - 2020 Q1
4.58% 4.58%
4
Last 2 Years:
2018 Q1 - 2020 Q1
11.46% 5.57%
7
Last 5 Years:
2015 Q1 - 2020 Q1
34.27% 6.07%
8
Last 10 Years:
2010 Q1 - 2020 Q1
50.42% 4.17%
8
Since 2000:
2000 Q1 - 2020 Q1
42.49% 1.79%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,070 / per month

Homeownership Rate

Homeownership
Owners 69.40
Renters 30.60
Vacant 14.66

Housing Details

Age of Homes

AGE OF Michigan HOMES
2000 or Newer 11.9
1970 - 1999 38.5
1940 - 1969 34.7
1939 or Older 14.9

Types of Homes

TYPE OF Michigan HOMES
Single-Family 72.3
Townhomes 4.6
Small Apt. Buildings 5.0
Apt. Complexes 12.9
Mobile Homes 5.3
Other 0.0

Home Size

SIZE OF Michigan HOMES
No Bedroom 1.54
1 Bedroom 9.05
2 Bedrooms 25.58
3 Bedrooms 43.78
4 Bedrooms 16.42
5 or more bedrooms 3.63