Sterling Heights, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Sterling Heights Neighborhoods Since 2000




Sterling Heights, 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

Sterling Heights Housing Market Information

With a population of 132,052, 49,444 total housing units (homes and apartments), and a median house value of $183,014, Sterling Heights real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Sterling Heights, accounting for 64.68% of the city's housing units. Other types of housing that are prevalent in Sterling Heights include large apartment complexes or high rise apartments ( 17.59%), row houses and other attached homes ( 10.47%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.99%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Sterling Heights. Owner-occupied housing accounts for 71.25% of Sterling Heights's homes, and 65.29% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Sterling Heights built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Sterling Heights built between 1940-1969 ( 29.10%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.43%).

Sterling Heights Home Appreciation Rates

Real estate appreciation rates in Sterling Heights's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.48% during the period.

Appreciation rates are so strong in Sterling Heights that despite a nationwide downturn in the housing market, Sterling Heights real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sterling Heights appreciation rates continue to be some of the highest in America, at 6.58%, which is higher than appreciation rates in 78.44% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sterling Heights. Sterling Heights appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Sterling Heights 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 Sterling Heights's latest annual appreciation rate is higher than 60% 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 Sterling Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sterling Heights - 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 Sterling Heights real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$183,014

Sterling Heights, MI HOME PRICES

Value Range
> $1,280,000 0.4
$960,001 - $1,280,000 0.0
$640,001 - $960,000 0.5
$512,001 - $640,000 0.3
$384,001 - $512,000 3.1
$256,001 - $384,000 14.5
$128,001 - $256,000 60.7
$64,001 - $128,000 12.7
$0 - $64,000 7.9

High for MI
High for Nation

Value Relative to Nation Value Relative to State
37.1352396577991 20.6730769230769

Number Of Homes And Apartments:
49,444

Sterling Heights 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
2.89% 0.17% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,230 / per month

Homeownership Rate

Homeownership
Owners 71.25
Renters 28.75
Vacant 4.33

Housing Market Details

 

Age of Homes

AGE OF Sterling Heights HOMES
2000 or Newer 10.4
1970 - 1999 59.5
1940 - 1969 29.1
1939 or Older 1.0

Types of Homes

TYPE OF Sterling Heights HOMES
Single-Family 64.7
Townhomes 10.5
Small Apt. Buildings 4.0
Apt. Complexes 17.6
Mobile Homes 3.3
Other 0.0

Home Size

SIZE OF Sterling Heights HOMES
No Bedroom 0.38
1 Bedroom 10.47
2 Bedrooms 22.02
3 Bedrooms 47.65
4 Bedrooms 17.64
5 or more bedrooms 1.84