Redford, MI Real Estate Market

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 2021. 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

Redford, MI Housing Market Trends

With 46,675 people, 1,356 houses or apartments, and a median cost of homes of $148,593, house prices in Redford are solidly below the national average.

Single-family detached homes are the single most common housing type in Redford, accounting for 92.80% of the town's housing units. Other types of housing that are prevalent in Redford include large apartment complexes or high rise apartments ( 3.86%), duplexes, homes converted to apartments or other small apartment buildings ( 1.29%), and a few row houses and other attached homes ( 1.21%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Redford. Owner-occupied housing accounts for 73.31% of Redford's homes, and 76.74% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Redford's housing was primarily built during this period, from the '40s through the '60s. A full 84.62% of the town's housing hails from this era. Other housing ages represented in Redford include homes built between 1970-1999 ( 6.82%) and housing constructed before 1939 ( 4.65%). There's also some housing in Redford built between 2000 and later ( 3.91%).

Redford Home Appreciation Rates

Appreciation rates for homes in Redford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 65.14%, which ranks in the top 30% nationwide. This equates to an annual average Redford house appreciation rate of 5.14%.

NeighborhoodScout's data show that during the latest twelve months, Redford's appreciation rate, at 9.83%, has been at or slightly above the national average. In the latest quarter, Redford's appreciation rate has been 2.64%, which annualizes to a rate of 10.98%.

Relative to Michigan, our data show that Redford's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Redford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Redford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Redford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$148,593

Redford, MI HOME PRICES

> $1,280,000
0.0%
0.0%
$960,001 - $1,280,000
0.3%
0.3%
$640,001 - $960,000
1.3%
1.3%
$512,001 - $640,000
2.7%
2.7%
$384,001 - $512,000
2.9%
2.9%
$256,001 - $384,000
15.2%
15.2%
$128,001 - $256,000
33.1%
33.1%
$64,001 - $128,000
29.4%
29.4%
$0 - $64,000
15.1%
15.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,356

Redford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
153.62% 4.42%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,072 / per month

Homeownership Rate

Owners
73.3%
73.3%
Renters
26.7%
26.7%
Vacant
5.8%
5.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.9%
3.9%
1970 - 1999
6.8%
6.8%
1940 - 1969
84.6%
84.6%
1939 or Older
4.6%
4.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
92.8%
92.8%
Townhomes
1.2%
1.2%
Small Apt. Buildings
1.3%
1.3%
Apt. Complexes
3.9%
3.9%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.3%
0.3%
1 Bedroom
3.5%
3.5%
2 Bedrooms
16.6%
16.6%
3 Bedrooms
68.3%
68.3%
4 Bedrooms
8.5%
8.5%
5 or more bedrooms
2.8%
2.8%
0.0% 100.0%
% OF HOMES