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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 48,492 people, 18,661 houses or apartments, and a median cost of homes of $176,720, 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 92.30% of the town's housing units. Other types of housing that are prevalent in Redford include large apartment complexes or high rise apartments ( 4.03%), duplexes, homes converted to apartments or other small apartment buildings ( 1.63%), and a few row houses and other attached homes ( 1.16%).

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 76.16% of Redford's homes, and 76.93% 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 83.41% of the town's housing hails from this era. Other housing ages represented in Redford include homes built between 1970-1999 ( 7.88%) and housing constructed before 1939 ( 4.74%). There's also some housing in Redford built between 2000 and later ( 3.96%).

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 191.52% over the last ten years, which is an average annual home appreciation rate of 11.29%, 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.

Over the last year, Redford appreciation rates have trailed the rest of the nation. In the last twelve months, Redford's appreciation rate has been 4.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Redford were at -0.26%, which equates to an annual appreciation rate of -1.02%.

Relative to Michigan, our data show that Redford's latest annual appreciation rate is lower than 70% 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

$176,720

Redford, MI Home Prices
> $1,338,000
$1,004,001 - $1,338,000
$669,001 - $1,004,000
$535,001 - $669,000
$401,001 - $535,000
$268,001 - $401,000
$134,001 - $268,000
$67,001 - $134,000
$0 - $67,000
0.5%
0.5%
0.4%
0.4%
0.1%
0.1%
0.1%
0.1%
1.1%
1.1%
7.4%
7.4%
62.4%
62.4%
22.7%
22.7%
5.3%
5.3%
0% 100.0%
% of Homes
Low

for Michigan

Low

for nation

Number of Homes And Apartments:

18,661

Redford Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,963 / per month

Homeownership Rate

Owners
Renters
76.2%
76.2%
23.8%
23.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.4%
4.4%
95.6%
95.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.0%
4.0%
7.9%
7.9%
83.4%
83.4%
4.7%
4.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
92.3%
92.3%
1.2%
1.2%
1.6%
1.6%
4.0%
4.0%
0.7%
0.7%
0.2%
0.2%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.1%
0.1%
3.9%
3.9%
16.7%
16.7%
67.1%
67.1%
9.8%
9.8%
2.3%
2.3%
0% 100.0%
% of Homes