Walled Lake, 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

Walled Lake, MI Housing Market Trends

With a population of 7,134, 3,526 total housing units (homes and apartments), and a median house value of $197,304, Walled Lake 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 Walled Lake, accounting for 31.35% of the city's housing units. Other types of housing that are prevalent in Walled Lake include large apartment complexes or high rise apartments ( 27.98%), row houses and other attached homes ( 22.11%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.47%).

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

There is a lot of housing in Walled Lake 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 Walled Lake built between 1940-1969 ( 24.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.45%). There's also some housing in Walled Lake built before 1939 ( 5.14%).

Walled Lake Home Appreciation Rates

In the last 10 years, Walled Lake has experienced some of the highest home appreciation rates of any community in the nation. Walled Lake real estate appreciated 82.17% over the last ten years, which is an average annual home appreciation rate of 6.18%, putting Walled Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Walled Lake 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, Walled Lake's appreciation rate, at 8.67%, has been at or slightly above the national average. In the latest quarter, Walled Lake's appreciation rate has been 2.91%, which annualizes to a rate of 12.16%.

Relative to Michigan, our data show that Walled Lake's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$197,304

Walled Lake, MI HOME PRICES

> $1,218,000
0.8%
0.8%
$914,001 - $1,218,000
0.9%
0.9%
$609,001 - $914,000
2.1%
2.1%
$487,001 - $609,000
1.4%
1.4%
$366,001 - $487,000
2.8%
2.8%
$244,001 - $366,000
18.4%
18.4%
$122,001 - $244,000
53.6%
53.6%
$61,001 - $122,000
12.7%
12.7%
$0 - $61,000
7.3%
7.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
3,526

Walled Lake 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
28.76% 1.18%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,244 / per month

Homeownership Rate

Owners
54.8%
54.8%
Renters
45.2%
45.2%
Vacant
5.0%
5.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.4%
10.4%
1970 - 1999
59.8%
59.8%
1940 - 1969
24.6%
24.6%
1939 or Older
5.1%
5.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
31.3%
31.3%
Townhomes
22.1%
22.1%
Small Apt. Buildings
13.5%
13.5%
Apt. Complexes
28.0%
28.0%
Mobile Homes
5.1%
5.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
12.9%
12.9%
2 Bedrooms
50.3%
50.3%
3 Bedrooms
31.8%
31.8%
4 Bedrooms
3.8%
3.8%
5 or more bedrooms
0.7%
0.7%
0.0% 100.0%
% OF HOMES