Zip 48240 (Redford, MI) Housing

The housing market in Redford, MI (zip code 48240) has been steadily increasing in value. The median house value is currently $139,400, which is significantly lower than the US median house value of $338,100. Despite this gap in values however, Redford's 1 year appreciation rate is 4.30%, a respectable amount that is only slightly lower than the 8.27% national average. This demonstrates that despite a significant difference in housing prices between Redford and the rest of the US, there are still many opportunities for potential investment or homeownership in this area.

The median home cost in Redford (zip 48240) is $139,400. Home appreciation the last 10 years has been 130.9%. Home Appreciation in Redford (zip 48240) is up 9.7%.

Average Age of Homes

- The median age of Redford (zip 48240) real estate is 63 years old

The Rental Market in Redford (zip 48240)

- Renters make up 23.2% of the Redford (zip 48240) population
- 0.5% of houses and apartments in Redford (zip 48240), are available to rent

DID YOU KNOW

Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.

Median Monthly Rent by Number of Bedrooms

Housing by Year Built

Housing	Redford, Michigan	United States
	7,018.0	139,647,020.0
	67	42
	$139,400	$338,100
	9.7%	16.6%
	52.6%	57.0%
	130.9%	101.1%
	$21.22	$10.98
	$1,895	$2,690
	68.1%	57.4%
	6.4%	11.2%
	25.4%	31.4%
Vacant Housing
	0.5%	1.9%
	0.3%	0.4%
	0.4%	0.7%
	0.2%	0.4%
	0.3%	3.6%
	4.8%	4.1%
Value of Owner-Occupied Housing
	3.0%	2.6%
	3.7%	2.4%
	13.5%	2.8%
	15.6%	3.9%
	21.6%	4.5%
	32.0%	11.3%
	7.2%	13.0%
	2.8%	20.1%
	0.0%	13.6%
	0.0%	8.3%
	0.4%	9.7%
	0.0%	3.9%
	0.0%	2.2%
	0.0%	0.8%
	0.2%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	2.2%	13.6%
	2.2%	13.6%
	3.8%	13.6%
	2.0%	13.2%
	2.7%	14.8%
	3.8%	13.6%
	56.0%	10.0%
	19.8%	4.7%
	5.1%	12.2%

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