Top 5 FASTEST GROWING Cities In Metro Detroit! - There’s no doubt that the coronavirus pandemic put a bomb in the real estate market, and we will continue to feel it’s affects for years to come. With the ability to work remotely, the high demand for vacation homes, and the limited supply of homes that have prompted home buyers to bid up prices to new highs, it has people wondering, which cities grew the most? That answer and several others will be answered, right now!
Stacker.com came out with an article last month about the cities in Michigan, specifically the southeast region, that felt the effects of this inflated housing market most, so without further ado, let’s jump right into the top 5.
Starting off with number 5 on this list, Franklin, Michigan. Franklin is this little village that covers less than 3 square miles with a population of hardly 3,500 people. It’s located northeast of Farmington Hills, west of Beverly hills and south of Bloomfield twp. This area is categorized as rural and is often overlooked as a place to live in southeast Michigan, because it has a little more seclusion. This village had a 1-year price change of $48,949 which is a 6.6% increase year over year. The 5 year change is $194,460 which is a 32.4% increase over the course of 5 years. The typical home value is just under $800,000,which is ranked #3 most expensive cities in the metro area. Why is this spot a part of the top 5 fastest growing cities in metro Detroit? Well, due to its location, it offers the residents this great rural setting with several parks, and outdoor opportunities. It’s the little underrated spot in metro Detroit near everything, but is the place to hide in plain sight. This village has also ranked #5 of 618 places with the best public schools in Michigan, #5 of 336 suburbs with the best public schools in Michigan, and #9 of 337 best suburbs to raise a family in Michigan.
Moving over to number 4, we have Oakland, Michigan. Not to be confused with Oakland county, this is Oakland Charter Township which is located north of Rochester and covers about 36 square miles with a population of over 19,000 people. This spot is one of the best own to rent ratios in the area, similar to Franklin, with 96% owning their home and only 4% of them renting. The 1 year price change was over $51,000 which was a 9.7% increase year over year. The 5 year price change was over $155,000, which is a 36.2% increase over the course of a 5 year time span and the typical home value is around $583,000. This city is ranked #7 most expensive cities in the metro area. Oakland ranked #17 out of 336 best suburbs to buy a house in Michigan, #18 best suburbs to raise a family in Michigan and #19 best places to raise a family in Michigan.
Stepping on over to number 3, we have the one and only Grosse Pointe shores. Grosse Pointe Shores is located along the southeastern coast on Lake St. Clair north of Detroit and south St. Clair shores. Grosse Pointe Shores has an area of 19.08 square miles and a population of around 3,000 people. This village is also considered rural and has a 97% own to rent ratio. The 1 year price change was just over $60,000 which was an 8.7% increase year over year. The 5 year change was over $215,000, which is a 39.5% increase over the last 5 years and the typical home value sits at just over $760,000 ranking #4 on the most expensive cities in the metro area. Grosse pointe shores ranked #3 out of 619 best places to retire in Michigan, #36 out of 337 best suburbs to live in Michigan and #42 out of 337 best suburbs to raise a family in Michigan.
Switching gears to number 2, we have Orchard Lake Michigan. The village of Orchard Lake is located north of west Bloomfield twp., just south of Cass lake. This village is just over 4 square miles in size with a population of just under 3,000 people. Orchard lakes 1 year price change was just over $68,000 which is a 8.5% increase year over year. The 5 year change was just over $153,000, a 21.3% increase over the last 5 years and the typical home value is just over $872,000, which ranks #2 on the list of most expensive cities in the metro area. Orchard Lake also ranks #22 out of 336 suburbs with the best public schools in Michigan, #25 out of 618 places with the best public schools in Michigan, and #33 out of 337 best suburbs to raise a family in Michigan.
Last but not least we have number one, Lake Angelus, which is absolutely no surprise at all. This city has a surface area of 1.622 square miles and a population of hardly 300 people. This city literally just surrounds lake angelus, it’s located east of Waterford twp. and west of auburn hills. The 1 year price change is over $122,000 with a percentage increase of 8.7 year over year. The 5 year price change is over $295,000, which is a 24.1% increase from the last 5 years. The typical home value is around $1,522,394 and is ranked the #1 most expensive city in the metro area. This city doesn’t have any further rankings since it doesn’t offer anything more than the lake it is on, but that doesn’t mean it’s not in a good location for everything necessary.
After taking a look at the top 5 fastest growing cities in southeast Michigan based on price increases, it’s clear and obvious that they happen to be the most expensive places in southeast Michigan. If there’s a takeaway I can put my finger on about this list is these tend to be rural and secluded communities where the majority of people own their homes. During and after the pandemic, remote jobs became more popular like I mentioned and people just wanted to get away from the high traffic and unappealing areas they committed to simply due to the easy commute for work. Now people are being more selective and finding communities like these where they can settle down a little bit in their little close knit communities, and they are willing to spend top dollar to make that lifestyle their own.
I hope this video created some value in a sense that it created awareness about not only the location of the top end communities in southeast Michigan, but the buying behavior for people in Michigan during and after the pandemic. If you ever have any real estate needs or questions about some areas in southeast Michigan, please don't hesitate to reach out! Until next time!
Cheers,
Andrew
Andrew McManamon is a Michigan REALTOR® with Signature Sotheby’s International Realty and provides real estate services to Buyers, Sellers and Investors throughout SE Michigan including Livingston County, Oakland County, Washtenaw County, Genesee County & beyond. Andrew has become one of the rising stars of Michigan real estate agents. Prior to his real estate career Andrew was responsible for managing a senior living facility in Brighton, Michigan as a dining supervisor and an activities assistant. Andrew’s passion to help people is unlike any other, and he continues to strive to be best resource he can be. Andrew graduated from Cleary University in Howell, Michigan with a double major and currently resides in White Lake, Michigan.