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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Chelsea, 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 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chelsea, MI Housing Market Trends

With 5,393 people, 2,617 houses or apartments, and a median cost of homes of $454,315, 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%).

Chelsea Home Appreciation Rates

Real estate appreciation rates in Chelsea's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.11% during the period.

NeighborhoodScout's data show that during the latest twelve months, Chelsea's appreciation rate, at 6.15%, has been at or slightly above the national average. In the latest quarter, Chelsea's appreciation rate has been 1.49%, which annualizes to a rate of 6.11%.

Relative to Michigan, our data show that Chelsea's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$454,315

Chelsea, MI Home Prices
> $1,369,000
$1,027,001 - $1,369,000
$684,001 - $1,027,000
$547,001 - $684,000
$411,001 - $547,000
$274,001 - $411,000
$137,001 - $274,000
$68,001 - $137,000
$0 - $68,000
0.0%
0.0%
0.6%
0.6%
2.1%
2.1%
10.4%
10.4%
29.8%
29.8%
39.4%
39.4%
15.5%
15.5%
0.4%
0.4%
1.8%
1.8%
0% 100.0%
% of Homes
Very High

for Michigan

High

for nation

Number of Homes And Apartments:

2,617

Chelsea Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,814 / per month

Homeownership Rate

Owners
Renters
62.0%
62.0%
38.0%
38.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.4%
2.4%
97.6%
97.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.1%
21.1%
29.6%
29.6%
17.5%
17.5%
31.8%
31.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.8%
63.8%
14.3%
14.3%
6.1%
6.1%
15.8%
15.8%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
9.6%
9.6%
29.8%
29.8%
37.7%
37.7%
20.3%
20.3%
0.9%
0.9%
0% 100.0%
% of Homes