Whitmore 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 Q4 2020. 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

Whitmore Lake, MI Housing Market Trends

With a population of 6,694, 2,797 total housing units (homes and apartments), and a median house value of $165,970, 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 56.39% of the town's housing units. Other types of housing that are prevalent in Whitmore Lake include mobile homes or trailers ( 18.83%), large apartment complexes or high rise apartments ( 15.97%), and a few row houses and other attached homes ( 5.72%).

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 72.09% of Whitmore Lake's homes, and 60.28% 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 ( 22.53%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.17%). There's also some housing in Whitmore Lake built before 1939 ( 9.32%).

Vacant housing appears to be an issue in Whitmore Lake. Fully 10.12% 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

In the last 10 years, Whitmore Lake has experienced some of the highest home appreciation rates of any community in the nation. Whitmore Lake real estate appreciated 53.88% over the last ten years, which is an average annual home appreciation rate of 4.40%, putting Whitmore Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Whitmore Lake 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, Whitmore Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Whitmore Lake's appreciation rate has been 4.16%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Whitmore Lake were at 1.94%, which equates to an annual appreciation rate of 7.98%.

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

Average Home Values

 

Median Home Value:
$165,970

Whitmore Lake, MI HOME PRICES

> $1,170,000
0.1%
0.1%
$877,001 - $1,170,000
2.1%
2.1%
$585,001 - $877,000
2.0%
2.0%
$468,001 - $585,000
4.4%
4.4%
$351,001 - $468,000
15.1%
15.1%
$234,001 - $351,000
17.9%
17.9%
$117,001 - $234,000
28.5%
28.5%
$59,001 - $117,000
9.6%
9.6%
$0 - $59,000
20.4%
20.4%
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:
2,797

Whitmore Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
29.80% 1.25%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,207 / per month

Homeownership Rate

Owners
72.1%
72.1%
Renters
27.9%
27.9%
Vacant
10.1%
10.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.2%
15.2%
1970 - 1999
53.0%
53.0%
1940 - 1969
22.5%
22.5%
1939 or Older
9.3%
9.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.4%
56.4%
Townhomes
5.7%
5.7%
Small Apt. Buildings
3.1%
3.1%
Apt. Complexes
16.0%
16.0%
Mobile Homes
18.8%
18.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
10.6%
10.6%
2 Bedrooms
27.1%
27.1%
3 Bedrooms
47.7%
47.7%
4 Bedrooms
12.6%
12.6%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Whitmore Lake

Zip Codes in Whitmore Lake, MI