Wolverine 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 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

Wolverine Lake, MI Housing Market Trends

With a population of 4,783, 1,967 total housing units (homes and apartments), and a median house value of $284,144, Wolverine Lake real estate is some of the most expensive in Michigan, although Wolverine Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Wolverine Lake, accounting for 77.24% of the village's housing units. Other types of housing that are prevalent in Wolverine Lake include large apartment complexes or high rise apartments ( 8.60%), duplexes, homes converted to apartments or other small apartment buildings ( 7.67%), and a few row houses and other attached homes ( 6.49%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wolverine Lake. Owner-occupied housing accounts for 72.24% of Wolverine Lake's homes, and 61.50% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Wolverine Lake's housing was primarily built during this period, from the '40s through the '60s. A full 48.38% of the village's housing hails from this era. Other housing ages represented in Wolverine Lake include homes built between 1970-1999 ( 36.87%) and housing constructed between 2000 and later ( 13.23%). There's also some housing in Wolverine Lake built before 1939 ( 1.52%).

Wolverine Lake Home Appreciation Rates

In the last 10 years, Wolverine Lake has experienced some of the highest home appreciation rates of any community in the nation. Wolverine Lake real estate appreciated 92.65% over the last ten years, which is an average annual home appreciation rate of 6.78%, putting Wolverine Lake in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Wolverine Lake definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Wolverine Lake's appreciation rate, at 8.54%, has been at or slightly above the national average. In the latest quarter, Wolverine Lake's appreciation rate has been 2.92%, which annualizes to a rate of 12.19%.

Relative to Michigan, our data show that Wolverine Lake's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$284,144

Wolverine Lake, MI HOME PRICES

> $1,255,000
1.0%
1.0%
$941,001 - $1,255,000
2.5%
2.5%
$628,001 - $941,000
4.9%
4.9%
$502,001 - $628,000
10.9%
10.9%
$377,001 - $502,000
10.3%
10.3%
$251,001 - $377,000
21.0%
21.0%
$126,001 - $251,000
44.4%
44.4%
$63,001 - $126,000
3.1%
3.1%
$0 - $63,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,967

Wolverine Lake 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
39.54% 1.56%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,260 / per month

Homeownership Rate

Owners
72.2%
72.2%
Renters
27.8%
27.8%
Vacant
3.3%
3.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.2%
13.2%
1970 - 1999
36.9%
36.9%
1940 - 1969
48.4%
48.4%
1939 or Older
1.5%
1.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
77.2%
77.2%
Townhomes
6.5%
6.5%
Small Apt. Buildings
7.7%
7.7%
Apt. Complexes
8.6%
8.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
9.2%
9.2%
2 Bedrooms
25.7%
25.7%
3 Bedrooms
45.6%
45.6%
4 Bedrooms
15.9%
15.9%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES