Monroe, 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 Q1 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

Monroe, MI Housing Market Trends

With 19,552 people, 8,219 houses or apartments, and a median cost of homes of $159,477, house prices in Monroe are solidly below the national average.

Single-family detached homes are the single most common housing type in Monroe, accounting for 68.12% of the city's housing units. Other types of housing that are prevalent in Monroe include large apartment complexes or high rise apartments ( 15.40%), duplexes, homes converted to apartments or other small apartment buildings ( 13.75%), and a few row houses and other attached homes ( 2.73%).

The most prevalent building size and type in Monroe are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.95% owning and 40.05% renting.

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. Monroe's housing was primarily built during this period, from the '40s through the '60s. A full 37.94% of the city's housing hails from this era. Other housing ages represented in Monroe include homes built before 1939 ( 33.14%) and housing constructed between 1970-1999 ( 24.19%). There's also some housing in Monroe built between 2000 and later ( 4.73%).

Monroe Home Appreciation Rates

Appreciation rates for homes in Monroe have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 47.95%, which ranks in the top 40% nationwide. This equates to an annual average Monroe house appreciation rate of 3.99%.

Appreciation rates are so strong in Monroe that despite a nationwide downturn in the housing market, Monroe real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Monroe appreciation rates continue to be some of the highest in America, at 9.23%, which is higher than appreciation rates in 85.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Monroe. Monroe appreciation rates in the latest quarter were at 3.11%, which equates to an annual appreciation rate of 13.02%.

Importantly, this makes Monroe 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 Monroe's latest annual appreciation rate is higher than 90% 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 Monroe differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monroe - 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 Monroe real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$159,477

Monroe, MI HOME PRICES

> $1,226,000
0.1%
0.1%
$919,001 - $1,226,000
0.1%
0.1%
$613,001 - $919,000
0.3%
0.3%
$490,001 - $613,000
0.6%
0.6%
$368,001 - $490,000
2.6%
2.6%
$245,001 - $368,000
11.1%
11.1%
$123,001 - $245,000
49.1%
49.1%
$61,001 - $123,000
24.2%
24.2%
$0 - $61,000
11.9%
11.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for MI

Value Relative To Nation

Number Of Homes And Apartments:
8,219

Monroe Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
11.31% 0.51%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,021 / per month

Homeownership Rate

Owners
59.9%
59.9%
Renters
40.1%
40.1%
Vacant
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.7%
4.7%
1970 - 1999
24.2%
24.2%
1940 - 1969
37.9%
37.9%
1939 or Older
33.1%
33.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
68.1%
68.1%
Townhomes
2.7%
2.7%
Small Apt. Buildings
13.8%
13.8%
Apt. Complexes
15.4%
15.4%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
11.6%
11.6%
2 Bedrooms
25.5%
25.5%
3 Bedrooms
42.0%
42.0%
4 Bedrooms
16.1%
16.1%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES