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 a population of 10,418, 3,578 total housing units (homes and apartments), and a median house value of $468,118, West Olive real estate is some of the most expensive in Michigan, although West Olive home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in West Olive, accounting for 77.93% of the town's housing units. Other types of housing that are prevalent in West Olive include mobile homes or trailers ( 21.61%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in West Olive. Owner-occupied housing accounts for 87.63% of West Olive's homes, and 83.13% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in West Olive 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 West Olive built between 2000 and later ( 36.75%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.31%). There's also some housing in West Olive built before 1939 ( 8.56%).
Appreciation rates for homes in West Olive have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 106.16%, which ranks in the top 30% nationwide. This equates to an annual average West Olive house appreciation rate of 7.50%.
Over the last year, West Olive appreciation rates have trailed the rest of the nation. In the last twelve months, West Olive's appreciation rate has been 5.04%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in West Olive were at 3.40%, which equates to an annual appreciation rate of 14.32%.
Importantly, this makes West Olive one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Michigan, our data show that West Olive's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.
$468,118
for Michigan
for nation
3,578
$2,232 / per month