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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.



Charlotte, 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

Charlotte, MI Housing Market Trends

With 9,260 people, 3,443 houses or apartments, and a median cost of homes of $154,189, house prices in Charlotte 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 Charlotte, accounting for 62.29% of the city's housing units. Other types of housing that are prevalent in Charlotte include large apartment complexes or high rise apartments ( 16.26%), duplexes, homes converted to apartments or other small apartment buildings ( 11.21%), and a few row houses and other attached homes ( 5.34%).

The most prevalent building size and type in Charlotte are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.62% owning and 38.38% renting.

The housing in Charlotte was primarily built before 1939 ( 31.84%), making the housing stock in Charlotte some of the oldest overall in America, although there is a range of ages of homes in Charlotte. The next most important housing age is between 1970-1999 ( 30.71%), followed by between 1940-1969 ( 24.97%). There's also some housing in Charlotte built between 2000 and later ( 12.47%).

Charlotte Home Appreciation Rates

Real estate appreciation rates in Charlotte's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.10% during the period.

Over the last year, Charlotte appreciation rates have trailed the rest of the nation. In the last twelve months, Charlotte's appreciation rate has been 0.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Charlotte were at 0.71%, which equates to an annual appreciation rate of 2.85%.

Relative to Michigan, our data show that Charlotte'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 Charlotte differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Charlotte - 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 Charlotte real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$154,189

Charlotte, MI Home Prices
> $1,198,000
$899,001 - $1,198,000
$599,001 - $899,000
$479,001 - $599,000
$359,001 - $479,000
$239,001 - $359,000
$120,001 - $239,000
$60,001 - $120,000
$0 - $60,000
0.3%
0.3%
0.5%
0.5%
1.2%
1.2%
2.6%
2.6%
3.8%
3.8%
13.7%
13.7%
49.9%
49.9%
19.5%
19.5%
8.4%
8.4%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

3,443

Charlotte Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,207 / per month

Homeownership Rate

Owners
Renters
61.6%
61.6%
38.4%
38.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.6%
7.6%
92.4%
92.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.5%
12.5%
30.7%
30.7%
25.0%
25.0%
31.8%
31.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.3%
62.3%
5.3%
5.3%
11.2%
11.2%
16.3%
16.3%
4.9%
4.9%
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
5.6%
5.6%
11.7%
11.7%
28.2%
28.2%
39.7%
39.7%
11.2%
11.2%
3.6%
3.6%
0% 100.0%
% of Homes