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 about Scout's Real Estate Data
With 9,940 people, 4,186 houses or apartments, and a median cost of homes of $514,766, Grosse Pointe Farms real estate is some of the most expensive in Michigan, although Grosse Pointe Farms home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Grosse Pointe Farms, accounting for 97.04% of the city's housing units. Other types of housing that are prevalent in Grosse Pointe Farms include large apartment complexes or high rise apartments ( 1.92%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grosse Pointe Farms. Owner-occupied housing accounts for 95.40% of Grosse Pointe Farms's homes, and 73.02% 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. Grosse Pointe Farms's housing was primarily built during this period, from the '40s through the '60s. A full 56.02% of the city's housing hails from this era. Other housing ages represented in Grosse Pointe Farms include homes built before 1939 ( 34.48%) and housing constructed between 1970-1999 ( 6.87%). There's also some housing in Grosse Pointe Farms built between 2000 and later ( 2.63%).
Real estate appreciation rates in Grosse Pointe Farms's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.93% during the period.
Over the last year, Grosse Pointe Farms appreciation rates have trailed the rest of the nation. In the last twelve months, Grosse Pointe Farms's appreciation rate has been 4.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Grosse Pointe Farms were at 1.70%, which equates to an annual appreciation rate of 6.96%.
Relative to Michigan, our data show that Grosse Pointe Farms's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.
$514,766
for Michigan
for nation
4,186
$2,738 / per month