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 5,393 people, 2,617 houses or apartments, and a median cost of homes of $448,711, Chelsea real estate is some of the most expensive in Michigan, although Chelsea home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Chelsea, accounting for 63.82% of the city's housing units. Other types of housing that are prevalent in Chelsea include large apartment complexes or high rise apartments ( 15.82%), row houses and other attached homes ( 14.29%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.08%).
The most prevalent building size and type in Chelsea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.98% owning and 38.02% renting.
The housing in Chelsea was primarily built before 1939 ( 31.78%), making the housing stock in Chelsea some of the oldest overall in America, although there is a range of ages of homes in Chelsea. The next most important housing age is between 1970-1999 ( 29.58%), followed by between 2000 and later ( 21.15%). There's also some housing in Chelsea built between 1940-1969 ( 17.49%).
Appreciation rates for homes in Chelsea have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.53%, which ranks in the top 50% nationwide. This equates to an annual average Chelsea house appreciation rate of 6.60%.
Appreciation rates are so strong in Chelsea that despite a nationwide downturn in the housing market, Chelsea real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chelsea appreciation rates continue to be some of the highest in America, at 12.69%, which is higher than appreciation rates in 77.27% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chelsea. Chelsea appreciation rates in the latest quarter were at 4.59%, which equates to an annual appreciation rate of 19.65%.
Importantly, this makes Chelsea 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 Chelsea's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
$448,711
for Michigan
for nation
2,617
$1,732 / per month