Redford, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Redford, MI Real Estate Data


Redford Housing Market Information

With 47,389 people, 1,357 houses or apartments, and a median cost of homes of $110,503, 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 92.14% of the town's housing units. Other types of housing that are prevalent in Redford include large apartment complexes or high rise apartments ( 4.63%), mobile homes or trailers ( 1.40%).

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 78.16% of Redford's homes, and 76.11% 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 85.49% of the town's housing hails from this era. Other housing ages represented in Redford include homes built between 1970-1999 ( 7.22%) and housing constructed before 1939 ( 5.44%). There's also some housing in Redford built between 2000 and later ( 1.85%).

Redford Home Appreciation Rates

In the last 10 years, Redford has experienced some of the highest home appreciation rates of any community in the nation. Redford real estate appreciated 35.06% over the last ten years, which is an average annual home appreciation rate of 3.05%, putting Redford in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Redford definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Redford that despite a nationwide downturn in the housing market, Redford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Redford appreciation rates continue to be some of the highest in America, at 6.78%, which is higher than appreciation rates in 82.67% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Redford. Redford appreciation rates in the latest quarter were at 2.87%, which equates to an annual appreciation rate of 11.99%.

Importantly, this makes Redford one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Michigan, our data show that Redford's latest annual appreciation rate is higher than 90% 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:
$110,503

Redford, MI HOME PRICES

Value Range
> $1,195,000 1.2
$897,001 - $1,195,000 0.5
$598,001 - $897,000 0.4
$478,001 - $598,000 0.7
$359,001 - $478,000 2.8
$239,001 - $359,000 5.6
$119,001 - $239,000 29.3
$60,001 - $119,000 39.6
$0 - $60,000 19.9

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
72.0969725361598 67.4679487179487

Number Of Homes And Apartments:
1,357

Rent & Ownership

 

Average Market Rent:
$948 / per month

Homeownership Rate

Homeownership
Owners 78.16
Renters 21.84
Vacant 8.83

Housing Market Details

 

Age of Homes

AGE OF Redford HOMES
2000 or Newer 1.9
1970 - 1999 7.2
1940 - 1969 85.5
1939 or Older 5.4

Types of Homes

TYPE OF Redford HOMES
Single-Family 92.1
Townhomes 0.9
Small Apt. Buildings 1.0
Apt. Complexes 4.6
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Redford HOMES
No Bedroom 0.92
1 Bedroom 3.10
2 Bedrooms 18.40
3 Bedrooms 67.76
4 Bedrooms 8.35
5 or more bedrooms 1.46

Redford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
81.92% 3.58% 10 9
* 10 is highest