Southgate, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Southgate Neighborhoods Since 2000




Southgate, 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

Southgate Housing Market Information

With 29,293 people, 12,499 houses or apartments, and a median cost of homes of $113,788, house prices in Southgate are solidly below the national average.

Single-family detached homes are the single most common housing type in Southgate, accounting for 68.22% of the city's housing units. Other types of housing that are prevalent in Southgate include large apartment complexes or high rise apartments ( 24.02%), duplexes, homes converted to apartments or other small apartment buildings ( 4.10%), and a few row houses and other attached homes ( 3.07%).

The most prevalent building size and type in Southgate are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.65% owning and 36.35% renting.

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. Southgate's housing was primarily built during this period, from the '40s through the '60s. A full 61.07% of the city's housing hails from this era. Other housing ages represented in Southgate include homes built between 1970-1999 ( 31.08%) and housing constructed between 2000 and later ( 5.20%). There's also some housing in Southgate built before 1939 ( 2.65%).

Southgate Home Appreciation Rates

Homes have actually lost value in Southgate over the last then years, as home values have seen a decline of 19.36% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Southgate home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Southgate that despite a nationwide downturn in the housing market, Southgate real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Southgate appreciation rates continue to be some of the highest in America, at 9.18%, which is higher than appreciation rates in 91.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Southgate. Southgate appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Southgate 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 Southgate's latest annual appreciation rate is higher than 80% 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 Southgate differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Southgate - 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 Southgate real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$113,788

Southgate, MI HOME PRICES

Value Range
> $1,311,000 0.2
$983,001 - $1,311,000 0.1
$656,001 - $983,000 0.3
$524,001 - $656,000 0.1
$393,001 - $524,000 0.5
$262,001 - $393,000 3.6
$131,001 - $262,000 33.4
$65,001 - $131,000 48.0
$0 - $65,000 13.8

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
69.0671510605883 63.4615384615385

Number Of Homes And Apartments:
12,499

Southgate 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
-13.22% -0.82% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,154 / per month

Homeownership Rate

Homeownership
Owners 63.65
Renters 36.35
Vacant 6.97

Housing Market Details

 

Age of Homes

AGE OF Southgate HOMES
2000 or Newer 5.2
1970 - 1999 31.1
1940 - 1969 61.1
1939 or Older 2.6

Types of Homes

TYPE OF Southgate HOMES
Single-Family 68.2
Townhomes 3.1
Small Apt. Buildings 4.1
Apt. Complexes 24.0
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Southgate HOMES
No Bedroom 1.54
1 Bedroom 13.76
2 Bedrooms 27.44
3 Bedrooms 47.54
4 Bedrooms 9.07
5 or more bedrooms 0.65