Southfield, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Southfield Neighborhoods Since 2000




Southfield, 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

Southfield Housing Market Information

With a population of 73,156, 32,219 total housing units (homes and apartments), and a median house value of $156,552, 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 46.28% of the city's housing units. Other types of housing that are prevalent in Southfield include large apartment complexes or high rise apartments ( 40.56%), row houses and other attached homes ( 7.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.30%).

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 50.61% of the city's housing hails from this era. Other housing ages represented in Southfield include homes built between 1970-1999 ( 42.12%) and housing constructed between 2000 and later ( 4.16%). There's also some housing in Southfield built before 1939 ( 3.11%).

Vacant housing appears to be an issue in Southfield. Fully 10.26% 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

Southfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Southfield during the period has been just -1.97%, which is lower than 80% of US communities.

Appreciation rates are so strong in Southfield that despite a nationwide downturn in the housing market, Southfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Southfield appreciation rates continue to be some of the highest in America, at 10.69%, which is higher than appreciation rates in 95.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Southfield. Southfield appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

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

Relative to Michigan, our data show that Southfield'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 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:
$156,552

Southfield, MI HOME PRICES

Value Range
> $1,418,000 0.6
$1,063,001 - $1,418,000 0.1
$709,001 - $1,063,000 0.5
$567,001 - $709,000 0.1
$425,001 - $567,000 1.4
$284,001 - $425,000 8.9
$142,001 - $284,000 38.6
$71,001 - $142,000 36.8
$0 - $71,000 13.0

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
47.1522325090824 33.3333333333333

Number Of Homes And Apartments:
32,219

Southfield 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
-15.44% -0.97% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,349 / per month

Homeownership Rate

Homeownership
Owners 47.19
Renters 52.81
Vacant 10.26

Housing Market Details

 

Age of Homes

AGE OF Southfield HOMES
2000 or Newer 4.2
1970 - 1999 42.1
1940 - 1969 50.6
1939 or Older 3.1

Types of Homes

TYPE OF Southfield HOMES
Single-Family 46.3
Townhomes 7.7
Small Apt. Buildings 5.3
Apt. Complexes 40.6
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Southfield HOMES
No Bedroom 1.81
1 Bedroom 19.76
2 Bedrooms 31.36
3 Bedrooms 30.67
4 Bedrooms 14.08
5 or more bedrooms 2.32