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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.



Highland Park, 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

Highland Park, MI Housing Market Trends

With a population of 8,657, 3,849 total housing units (homes and apartments), and a median house value of $70,448, house prices in Highland Park are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Highland Park, accounting for 54.53% of the city's housing units. Other types of housing that are prevalent in Highland Park include large apartment complexes or high rise apartments ( 30.29%), duplexes, homes converted to apartments or other small apartment buildings ( 11.52%), and a few row houses and other attached homes ( 3.16%).

The most prevalent building size and type in Highland Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.39% owning and 57.61% renting.

The housing in Highland Park was primarily built before 1939 ( 35.52%), making the housing stock in Highland Park some of the oldest overall in America, although there is a range of ages of homes in Highland Park. The next most important housing age is between 1940-1969 ( 32.00%), followed by between 1970-1999 ( 22.88%). There's also some housing in Highland Park built between 2000 and later ( 9.60%).

Vacant housing appears to be an issue in Highland Park. Fully 33.64% of the housing stock is classified as vacant. Left unchecked, vacant Highland Park homes and apartments can be a drag on the real estate market, holding Highland Park 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.

Highland Park Home Appreciation Rates

Real estate appreciation rates in Highland Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.79% during the period.

Over the last year, Highland Park appreciation rates have trailed the rest of the nation. In the last twelve months, Highland Park's appreciation rate has been -7.69%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Highland Park were at 1.70%, which equates to an annual appreciation rate of 6.96%.

Relative to Michigan, our data show that Highland Park's latest annual appreciation rate is lower 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 Highland Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Highland Park - 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 Highland Park real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$70,448

Highland Park, MI Home Prices
> $1,129,000
$847,001 - $1,129,000
$565,001 - $847,000
$452,001 - $565,000
$339,001 - $452,000
$225,001 - $339,000
$113,001 - $225,000
$56,001 - $113,000
$0 - $56,000
0.8%
0.8%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.5%
0.5%
2.6%
2.6%
17.9%
17.9%
39.4%
39.4%
38.6%
38.6%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

3,849

Highland Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,142 / per month

Homeownership Rate

Owners
Renters
42.4%
42.4%
57.6%
57.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
33.6%
33.6%
66.4%
66.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.6%
9.6%
22.9%
22.9%
32.0%
32.0%
35.5%
35.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
54.5%
54.5%
3.2%
3.2%
11.5%
11.5%
30.3%
30.3%
0.5%
0.5%
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
4.9%
4.9%
20.3%
20.3%
16.2%
16.2%
35.0%
35.0%
14.9%
14.9%
8.7%
8.7%
0% 100.0%
% of Homes