Southfield, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Southfield Neighborhoods Since 2000




Southfield, MI Real Estate Data


Southfield Housing Market Information

With a population of 73,156, 31,930 total housing units (homes and apartments), and a median house value of $147,571, Southfield real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Southfield, accounting for 46.47% of the city's housing units. Other types of housing that are prevalent in Southfield include large apartment complexes or high rise apartments ( 40.93%), row houses and other attached homes ( 7.13%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.37%).

People in Southfield primarily live in small (one, two or no bedroom) single-family detached homes. Southfield has a mixture of owner-occupied and renter-occupied housing.

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. Southfield's housing was primarily built during this period, from the '40s through the '60s. A full 50.86% of the city's housing hails from this era. Other housing ages represented in Southfield include homes built between 1970-1999 ( 42.22%) and housing constructed between 2000 and later ( 3.97%). There's also some housing in Southfield built before 1939 ( 2.94%).

Vacant housing appears to be an issue in Southfield. Fully 11.02% of the housing stock is classified as vacant. Left unchecked, vacant Southfield homes and apartments can be a drag on the real estate market, holding Southfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Southfield Home Appreciation Rates

Homes have actually lost value in Southfield over the last then years, as home values have seen a decline of 26.48% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Southfield home appreciation rates at 1.97%, which equates to an annual appreciation rate of 8.12%.

NeighborhoodScout's data show that during the latest twelve months, Southfield's appreciation rate, at 5.48%, has been at or slightly above the national average. In the latest quarter, Southfield's appreciation rate has been 1.97%, which annualizes to a rate of 8.12%.

Relative to Michigan, our data show that Southfield's latest annual appreciation rate is higher 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 city. Individual neighborhoods within Southfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Southfield - 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 Southfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$147,571

Southfield, MI HOME PRICES

Value Range
> $1,416,000 1.6
$1,062,001 - $1,416,000 0.0
$708,001 - $1,062,000 0.5
$566,001 - $708,000 0.1
$425,001 - $566,000 1.6
$283,001 - $425,000 7.5
$141,001 - $283,000 39.7
$71,001 - $141,000 36.1
$0 - $71,000 12.9

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
52.0114774257774 38.4615384615385

Number Of Homes And Apartments:
31,930

Rent & Ownership

 

Average Market Rent:
$1,370 / per month

Homeownership Rate

Homeownership
Owners 48.91
Renters 51.09
Vacant 11.02

Housing Market Details

 

Age of Homes

AGE OF Southfield HOMES
2000 or Newer 4.0
1970 - 1999 42.2
1940 - 1969 50.9
1939 or Older 2.9

Types of Homes

TYPE OF Southfield HOMES
Single-Family 46.5
Townhomes 7.1
Small Apt. Buildings 5.4
Apt. Complexes 40.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Southfield HOMES
No Bedroom 1.65
1 Bedroom 18.53
2 Bedrooms 32.46
3 Bedrooms 30.40
4 Bedrooms 14.42
5 or more bedrooms 2.54

Southfield 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
-21.41% -1.41% 1 1
* 10 is highest