Romeo, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Romeo Neighborhoods Since 2000




Romeo, MI Real Estate 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Romeo Housing Market Information

With a population of 3,625, 1,555 total housing units (homes and apartments), and a median house value of $179,806, Romeo real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Romeo, accounting for 69.35% of the village's housing units. Other types of housing that are prevalent in Romeo include duplexes, homes converted to apartments or other small apartment buildings ( 10.98%), large apartment complexes or high rise apartments ( 9.92%), and a few row houses and other attached homes ( 6.99%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Romeo. Owner-occupied housing accounts for 66.19% of Romeo's homes, and 52.79% have either three or four bedrooms, which is average sized relative to America.

The housing in Romeo was primarily built before 1939 ( 36.70%), making the housing stock in Romeo some of the oldest overall in America, although there is a range of ages of homes in Romeo. The next most important housing age is between 1970-1999 ( 31.59%), followed by between 1940-1969 ( 26.48%). There's also some housing in Romeo built between 2000 and later ( 5.23%).

Romeo Home Appreciation Rates

Romeo's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Romeo during the period has been just -0.88%, which is lower than 70% of US communities.

Appreciation rates are so strong in Romeo that despite a nationwide downturn in the housing market, Romeo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Romeo appreciation rates continue to be some of the highest in America, at 5.85%, which is higher than appreciation rates in 72.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Romeo. Romeo appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

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

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

Average Home Values

 

Median Home Value:
$179,806

Romeo, MI HOME PRICES

Value Range
> $1,242,000 0.0
$931,001 - $1,242,000 0.0
$621,001 - $931,000 0.0
$497,001 - $621,000 0.0
$373,001 - $497,000 5.6
$248,001 - $373,000 18.0
$124,001 - $248,000 52.3
$62,001 - $124,000 16.5
$0 - $62,000 7.7

High for MI
High for Nation

Value Relative to Nation Value Relative to State
38.2573538028829 22.7564102564103

Number Of Homes And Apartments:
1,555

Romeo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-0.23% -0.01% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,153 / per month

Homeownership Rate

Homeownership
Owners 66.19
Renters 33.81
Vacant 8.69

Housing Market Details

 

Age of Homes

AGE OF Romeo HOMES
2000 or Newer 5.2
1970 - 1999 31.6
1940 - 1969 26.5
1939 or Older 36.7

Types of Homes

TYPE OF Romeo HOMES
Single-Family 69.3
Townhomes 7.0
Small Apt. Buildings 11.0
Apt. Complexes 9.9
Mobile Homes 2.8
Other 0.0

Home Size

SIZE OF Romeo HOMES
No Bedroom 0.00
1 Bedroom 9.40
2 Bedrooms 34.17
3 Bedrooms 36.23
4 Bedrooms 16.56
5 or more bedrooms 3.64