Sterling Heights, MI Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Sterling Heights, MI Housing Market Trends

With a population of 132,438, 50,082 total housing units (homes and apartments), and a median house value of $232,688, 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 65.51% of the city's housing units. Other types of housing that are prevalent in Sterling Heights include large apartment complexes or high rise apartments ( 16.66%), row houses and other attached homes ( 10.53%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.81%).

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 72.43% of Sterling Heights's homes, and 65.95% 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 ( 11.47%). There's also some housing in Sterling Heights built before 1939 ( 1.16%).

Sterling Heights Home Appreciation Rates

In the last 10 years, Sterling Heights has experienced some of the highest home appreciation rates of any community in the nation. Sterling Heights real estate appreciated 96.07% over the last ten years, which is an average annual home appreciation rate of 6.97%, putting Sterling Heights in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Sterling Heights definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Sterling Heights's appreciation rate, at 9.46%, has been at or slightly above the national average. In the latest quarter, Sterling Heights's appreciation rate has been 2.92%, which annualizes to a rate of 12.22%.

Relative to Michigan, our data show that Sterling Heights's latest annual appreciation rate is lower than 50% 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:
$232,688

Sterling Heights, MI HOME PRICES

> $1,254,000
0.3%
0.3%
$941,001 - $1,254,000
0.1%
0.1%
$627,001 - $941,000
0.5%
0.5%
$502,001 - $627,000
1.4%
1.4%
$376,001 - $502,000
5.8%
5.8%
$251,001 - $376,000
33.1%
33.1%
$126,001 - $251,000
48.6%
48.6%
$63,001 - $126,000
4.9%
4.9%
$0 - $63,000
5.4%
5.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
50,082

Sterling Heights Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
33.92% 1.37%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,650 / per month

Homeownership Rate

Owners
72.4%
72.4%
Renters
27.6%
27.6%
Vacant
3.0%
3.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.5%
11.5%
1970 - 1999
58.3%
58.3%
1940 - 1969
29.1%
29.1%
1939 or Older
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.5%
65.5%
Townhomes
10.5%
10.5%
Small Apt. Buildings
3.8%
3.8%
Apt. Complexes
16.7%
16.7%
Mobile Homes
3.5%
3.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.0%
1.0%
1 Bedroom
9.7%
9.7%
2 Bedrooms
21.5%
21.5%
3 Bedrooms
48.9%
48.9%
4 Bedrooms
17.0%
17.0%
5 or more bedrooms
1.8%
1.8%
0.0% 100.0%
% OF HOMES