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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.



Wayland, 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

Wayland, MI Housing Market Trends

With 4,423 people, 1,784 houses or apartments, and a median cost of homes of $306,493, Wayland real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Wayland, accounting for 53.77% of the city's housing units. Other types of housing that are prevalent in Wayland include large apartment complexes or high rise apartments ( 19.27%), mobile homes or trailers ( 17.25%), and a few row houses and other attached homes ( 5.24%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wayland. Owner-occupied housing accounts for 65.86% of Wayland's homes, and 52.40% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Wayland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wayland built between 1940-1969 ( 20.09%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.25%). There's also some housing in Wayland built before 1939 ( 16.76%).

Wayland Home Appreciation Rates

In the last 10 years, Wayland has experienced some of the highest home appreciation rates of any community in the nation. Wayland real estate appreciated 123.35% over the last ten years, which is an average annual home appreciation rate of 8.37%, putting Wayland in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Wayland definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Wayland that despite a nationwide downturn in the housing market, Wayland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wayland appreciation rates continue to be some of the highest in America, at 9.70%, which is higher than appreciation rates in 85.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wayland. Wayland appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.

Relative to Michigan, our data show that Wayland's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$306,493

Wayland, MI Home Prices
> $1,741,000
$1,306,001 - $1,741,000
$871,001 - $1,306,000
$697,001 - $871,000
$523,001 - $697,000
$348,001 - $523,000
$174,001 - $348,000
$87,001 - $174,000
$0 - $87,000
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
0.0%
0.0%
5.8%
5.8%
35.0%
35.0%
33.3%
33.3%
11.7%
11.7%
14.0%
14.0%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

1,784

Wayland Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,627 / per month

Homeownership Rate

Owners
Renters
65.9%
65.9%
34.1%
34.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.6%
2.6%
97.4%
97.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
17.2%
17.2%
45.9%
45.9%
20.1%
20.1%
16.8%
16.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
53.8%
53.8%
5.2%
5.2%
4.5%
4.5%
19.3%
19.3%
17.2%
17.2%
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
0.0%
0.0%
10.3%
10.3%
34.0%
34.0%
37.1%
37.1%
15.3%
15.3%
3.4%
3.4%
0% 100.0%
% of Homes