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 5,393 people, 2,617 houses or apartments, and a median cost of homes of $405,524, Chelsea real estate is some of the most expensive in Michigan, although Chelsea home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Chelsea, accounting for 63.82% of the city's housing units. Other types of housing that are prevalent in Chelsea include large apartment complexes or high rise apartments ( 15.82%), row houses and other attached homes ( 14.29%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.08%).
The most prevalent building size and type in Chelsea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.98% owning and 38.02% renting.
The housing in Chelsea was primarily built before 1939 ( 31.78%), making the housing stock in Chelsea some of the oldest overall in America, although there is a range of ages of homes in Chelsea. The next most important housing age is between 1970-1999 ( 29.58%), followed by between 2000 and later ( 21.15%). There's also some housing in Chelsea built between 1940-1969 ( 17.49%).
Real estate appreciation rates in Chelsea's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.52% during the period.
Over the last year, Chelsea appreciation rates have trailed the rest of the nation. In the last twelve months, Chelsea's appreciation rate has been 2.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chelsea were at -1.21%, which equates to an annual appreciation rate of -4.74%.
Notably, Chelsea's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Chelsea's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.
$405,524
for Michigan
for nation
2,617
$1,734 / per month