Waterford, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Waterford, 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

Waterford Housing Market Information

With a population of 73,337, 1,665 total housing units (homes and apartments), and a median house value of $54,203, house prices in Waterford are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Waterford, accounting for 73.81% of the town's housing units. Other types of housing that are prevalent in Waterford include large apartment complexes or high rise apartments ( 17.78%), row houses and other attached homes ( 4.61%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.19%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Waterford. Owner-occupied housing accounts for 70.14% of Waterford's homes, and 62.01% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Waterford 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 Waterford built between 1940-1969 ( 41.96%). A lesser amount of the housing stock also hails from before 1939 ( 8.23%). There's also some housing in Waterford built between 2000 and later ( 6.93%).

Waterford Home Appreciation Rates

Appreciation rates for homes in Waterford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.25%, which ranks in the top 30% nationwide. This equates to an annual average Waterford house appreciation rate of 0.89%.

NeighborhoodScout's data show that during the latest twelve months, Waterford's appreciation rate, at 4.45%, has been at or slightly above the national average. In the latest quarter, Waterford's appreciation rate has been 0.45%, which annualizes to a rate of 1.82%.

Relative to Michigan, our data show that Waterford's latest annual appreciation rate is lower 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 town. Individual neighborhoods within Waterford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Waterford - 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 Waterford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$54,203

Waterford, MI HOME PRICES

Value Range
> $1,116,000 1.1
$837,001 - $1,116,000 1.6
$558,001 - $837,000 0.7
$446,001 - $558,000 0.4
$335,001 - $446,000 0.2
$223,001 - $335,000 2.8
$112,001 - $223,000 10.2
$56,001 - $112,000 32.5
$0 - $56,000 50.6

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.9540607054963 98.5576923076923

Number Of Homes And Apartments:
1,665

Waterford 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
115.55% 4.55% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$730 / per month

Homeownership Rate

Homeownership
Owners 70.14
Renters 29.86
Vacant 7.74

Housing Market Details

 

Age of Homes

AGE OF Waterford HOMES
2000 or Newer 6.9
1970 - 1999 42.9
1940 - 1969 42.0
1939 or Older 8.2

Types of Homes

TYPE OF Waterford HOMES
Single-Family 73.8
Townhomes 4.6
Small Apt. Buildings 3.2
Apt. Complexes 17.8
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Waterford HOMES
No Bedroom 1.09
1 Bedroom 10.09
2 Bedrooms 25.34
3 Bedrooms 48.82
4 Bedrooms 13.19
5 or more bedrooms 1.47