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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 70,565 people, 30,833 houses or apartments, and a median cost of homes of $248,240, Waterford real estate values are some of the lowest in Michigan, although compared to real estate around the nation, Waterford homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Waterford, accounting for 74.37% of the township's housing units. Other types of housing that are prevalent in Waterford include large apartment complexes or high rise apartments ( 17.34%), row houses and other attached homes ( 4.44%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.38%).

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 72.39% of Waterford's homes, and 62.61% 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 ( 40.40%). A lesser amount of the housing stock also hails from before 1939 ( 7.72%). There's also some housing in Waterford built between 2000 and later ( 6.93%).

Waterford Home Appreciation Rates

In the last 10 years, Waterford has experienced some of the highest home appreciation rates of any community in the nation. Waterford real estate appreciated 124.89% over the last ten years, which is an average annual home appreciation rate of 8.44%, putting Waterford in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Waterford definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Waterford appreciation rates have trailed the rest of the nation. In the last twelve months, Waterford's appreciation rate has been 12.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Waterford were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Notably, Waterford's appreciation rate in the latest quarter is one of the lowest in America.

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 township. 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:
$248,240

Waterford, MI HOME PRICES

> $1,317,000
$988,001 - $1,317,000
$658,001 - $988,000
$527,001 - $658,000
$395,001 - $527,000
$263,001 - $395,000
$131,001 - $263,000
$66,001 - $131,000
$0 - $66,000
1.0%
1.0%
1.3%
1.3%
2.8%
2.8%
2.2%
2.2%
5.7%
5.7%
25.3%
25.3%
50.8%
50.8%
8.2%
8.2%
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for MI

Value Relative To Nation

Number Of Homes And Apartments:
30,833

Waterford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
42.29% 1.60%
6
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,526 / per month

Homeownership Rate

Owners
Renters
Vacant
72.4%
72.4%
27.6%
27.6%
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.9%
6.9%
45.0%
45.0%
40.4%
40.4%
7.7%
7.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.4%
74.4%
4.4%
4.4%
3.4%
3.4%
17.3%
17.3%
0.5%
0.5%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.8%
0.8%
10.0%
10.0%
24.4%
24.4%
49.2%
49.2%
13.4%
13.4%
2.2%
2.2%
0.0% 100.0%
% OF HOMES