Whitmore Lake, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Whitmore Lake Neighborhoods Since 2000




Whitmore Lake, 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

Whitmore Lake Housing Market Information

With 6,694 people, 2,828 houses or apartments, and a median cost of homes of $118,034, house prices in Whitmore Lake are solidly below the national average.

Single-family detached homes are the single most common housing type in Whitmore Lake, accounting for 56.53% of the town's housing units. Other types of housing that are prevalent in Whitmore Lake include mobile homes or trailers ( 18.92%), large apartment complexes or high rise apartments ( 14.24%), and a few row houses and other attached homes ( 5.31%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Whitmore Lake. Owner-occupied housing accounts for 72.38% of Whitmore Lake's homes, and 55.71% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Whitmore 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 Whitmore Lake built between 1940-1969 ( 27.97%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.79%). There's also some housing in Whitmore Lake built before 1939 ( 6.77%).

Vacant housing appears to be an issue in Whitmore Lake. Fully 10.53% of the housing stock is classified as vacant. Left unchecked, vacant Whitmore Lake homes and apartments can be a drag on the real estate market, holding Whitmore Lake real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Whitmore Lake Home Appreciation Rates

Whitmore Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Whitmore Lake during the period has been just -0.84%, which is lower than 70% of US communities.

Appreciation rates are so strong in Whitmore Lake that despite a nationwide downturn in the housing market, Whitmore Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Whitmore Lake appreciation rates continue to be some of the highest in America, at 10.64%, which is higher than appreciation rates in 95.40% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Whitmore Lake. Whitmore Lake appreciation rates in the latest quarter were at 2.36%, which equates to an annual appreciation rate of 9.77%.

Importantly, this makes Whitmore Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Michigan, our data show that Whitmore Lake's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$118,034

Whitmore Lake, MI HOME PRICES

Value Range
> $1,230,000 0.0
$923,001 - $1,230,000 0.1
$615,001 - $923,000 0.4
$492,001 - $615,000 2.0
$369,001 - $492,000 6.7
$246,001 - $369,000 17.4
$123,001 - $246,000 31.3
$62,001 - $123,000 15.0
$0 - $62,000 27.3

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
66.6354154459159 60.7371794871795

Number Of Homes And Apartments:
2,828

Whitmore Lake 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
7.47% 0.42% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,111 / per month

Homeownership Rate

Homeownership
Owners 72.38
Renters 27.62
Vacant 10.53

Housing Market Details

 

Age of Homes

AGE OF Whitmore Lake HOMES
2000 or Newer 10.8
1970 - 1999 54.5
1940 - 1969 28.0
1939 or Older 6.8

Types of Homes

TYPE OF Whitmore Lake HOMES
Single-Family 56.5
Townhomes 5.3
Small Apt. Buildings 5.0
Apt. Complexes 14.2
Mobile Homes 18.9
Other 0.0

Home Size

SIZE OF Whitmore Lake HOMES
No Bedroom 0.00
1 Bedroom 9.11
2 Bedrooms 31.22
3 Bedrooms 48.02
4 Bedrooms 7.69
5 or more bedrooms 3.95

Popular Neighborhoods in Whitmore Lake

Zip Codes in Whitmore Lake, MI