Waterford, 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

Waterford, MI Housing Market Trends

With 72,938 people, 1,680 houses or apartments, and a median cost of homes of $109,670, 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 74.74% of the town's housing units. Other types of housing that are prevalent in Waterford include large apartment complexes or high rise apartments ( 16.38%), row houses and other attached homes ( 5.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.98%).

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 72.46% of Waterford's homes, and 62.47% 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 ( 41.93%). A lesser amount of the housing stock also hails from before 1939 ( 8.30%). There's also some housing in Waterford built between 2000 and later ( 7.58%).

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 46.93%, which ranks in the top 50% nationwide. This equates to an annual average Waterford house appreciation rate of 3.92%.

NeighborhoodScout's data show that during the latest twelve months, Waterford's appreciation rate, at 10.08%, has been at or slightly above the national average. In the latest quarter, Waterford's appreciation rate has been 2.62%, which annualizes to a rate of 10.90%.

Relative to Michigan, our data show that Waterford's latest annual appreciation rate is higher 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 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:
$109,670

Waterford, MI HOME PRICES

> $1,215,000
0.0%
0.0%
$911,001 - $1,215,000
1.4%
1.4%
$608,001 - $911,000
0.0%
0.0%
$486,001 - $608,000
2.0%
2.0%
$365,001 - $486,000
6.7%
6.7%
$243,001 - $365,000
7.9%
7.9%
$122,001 - $243,000
23.2%
23.2%
$61,001 - $122,000
31.1%
31.1%
$0 - $61,000
27.8%
27.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,680

Waterford 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
152.37% 4.40%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$828 / per month

Homeownership Rate

Owners
72.5%
72.5%
Renters
27.5%
27.5%
Vacant
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.6%
7.6%
1970 - 1999
42.2%
42.2%
1940 - 1969
41.9%
41.9%
1939 or Older
8.3%
8.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
74.7%
74.7%
Townhomes
5.2%
5.2%
Small Apt. Buildings
3.0%
3.0%
Apt. Complexes
16.4%
16.4%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
9.0%
9.0%
2 Bedrooms
25.8%
25.8%
3 Bedrooms
48.5%
48.5%
4 Bedrooms
14.0%
14.0%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES