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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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'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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Whitmore Lake HOMES|
|2000 or Newer||10.8|
|1970 - 1999||54.5|
|1940 - 1969||28.0|
|1939 or Older||6.8|
|TYPE OF Whitmore Lake HOMES|
|Small Apt. Buildings||5.0|
|SIZE OF Whitmore Lake HOMES|
|5 or more bedrooms||3.95|