Waterford, MI—48327
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Waterford, MI
As of Oct '25, the median home price in Waterford, MI is $271,000, with a year-over-year change of 3.6%. This indicates that home prices in Waterford, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $271,000 | 3.6% |
| Single Family | $283,000 | 3.7% |
| Condos | $231,000 | 3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $205,000 | 3.0% |
3 Bed | $288,000 | 4.3% |
4 Bed | $349,000 | 4.8% |
| 5 Bed | $364,000 | 2.8% |
% of Housing Stock
Rental Trends — Waterford, MI
As of July '25, Rentcast reports the average rent in Waterford, MI is $2,030, with a year-over-year rent change of -6.5%. Per bedroom, the median rent as of July '25 in Waterford, MI is 1-bedrooms: $935, 2-bedrooms: $1,660, 3-bedrooms: $1,950, 4-bedrooms: $2,640. The most common rental property sizes in Waterford, MI are 1-bedroom and 2-bedroom, accounting for 47.9% and 35.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,950 | $2,030 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $925 | $935 |
| 2 Bed Rent | $1,650 | $1,660 |
| 3 Bed Rent | $1,950 | $1,950 |
| 4 Bed Rent | $2,900 | $2,640 |
% of Rental Stock
Property Listings — Waterford, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Waterford, MI is 33. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $319,000 | 3.0% |
Listing Count | 62 | 12.0% |
| Listings as % of Homes | 0.3% | 12.0% |
Days on Market | 33 | -4.0% |
Demographics — Waterford, MI
As of the latest ACS Survey released in 2023, Waterford, MI has a population of 20,800, which has decreased by -6.8% over the past 5 years. Waterford, MI is a moderately popular place for families, as children make up 18.7% of the population. The area has a moderately educated workforce, with 32.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,800 | -6.8% |
% Under 18 | 18.7% | -1.1% |
% Seniors | 17.6% | 30.4% |
% WFH | 10.1% | 152.5% |
% w/ College Degree | 32.4% | 24.1% |
As of the latest ACS Survey released in 2023, Waterford, MI is a predominantly white area, with 81.0% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Waterford, MI is black, making up 6.5% of the population. Foreign-born residents account for 7.1% of the population in Waterford, MI, and this percentage has decreased by 2.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.0% | -5.7% |
% Black | 6.5% | 25.0% |
% Hispanic | 6.5% | 27.5% |
% Asian | 2.5% | 47.1% |
% Foreign Born | 7.1% | -2.7% |
Mortgage and Risk — Waterford, MI
According to HUD data as of 2023, there were 379 mortgage originations in Waterford, MI, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Waterford, MI. Investor activity is low, as 2.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 379 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Waterford, MI
As of 2024, the percent of homes in Waterford, MI under the Section 8 program is 7.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Waterford, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 202 |
Total Units Section 8 | 197 |
% Rentals under Section 8 | 7.3% |
% Occupied Section 8 | 94.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $45 | $925 | $970 |
| 2 Bedroom | -$420 | $1,650 | $1,230 |
| 3 Bedroom | -$440 | $1,950 | $1,510 |
| 4 Bedroom | -$1,270 | $2,900 | $1,630 |
Affordability — Waterford, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $271,000 |
| Median Household Income | $75,500 |