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 4,377 people, 1,571 houses or apartments, and a median cost of homes of $1,182,937, Bloomfield Hills house prices are not only among the most expensive in Michigan, Bloomfield Hills real estate also is some of the most expensive in all of America.
Bloomfield Hills is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Bloomfield Hills than is found in 98% of the communities in America.
The large homes that make up Bloomfield Hills are primarily owner-occupied ( 83.09%).
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. Bloomfield Hills's housing was primarily built during this period, from the '40s through the '60s. A full 39.92% of the city's housing hails from this era. Other housing ages represented in Bloomfield Hills include homes built between 1970-1999 ( 38.05%) and housing constructed between 2000 and later ( 15.16%). There's also some housing in Bloomfield Hills built before 1939 ( 6.87%).
Vacant housing appears to be an issue in Bloomfield Hills. Fully 10.79% of the housing stock is classified as vacant. Left unchecked, vacant Bloomfield Hills homes and apartments can be a drag on the real estate market, holding Bloomfield Hills 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Bloomfield Hills, where house values have increased just 49.62%, which is annualized rate of 4.11%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Bloomfield Hills that despite a nationwide downturn in the housing market, Bloomfield Hills real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bloomfield Hills appreciation rates continue to be some of the highest in America, at 8.58%, which is higher than appreciation rates in 71.24% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bloomfield Hills. Bloomfield Hills appreciation rates in the latest quarter were at 4.56%, which equates to an annual appreciation rate of 19.51%.
Importantly, this makes Bloomfield Hills one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Bloomfield Hills's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Bloomfield Hills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield Hills - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Bloomfield Hills real estate investment or home purchase decisions.
$1,182,937
$2,808 / per month