Waterford, MI—48328
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 $249,000, with a year-over-year change of 3.2%. This indicates that home prices in Waterford, MI are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $249,000 | 3.3% |
| Single Family | $253,000 | 3.3% |
| Condos | $212,000 | 2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $116,000 | 3.6% |
2 Bed | $199,000 | 3.1% |
3 Bed | $261,000 | 3.2% |
4 Bed | $326,000 | 3.2% |
| 5 Bed | $441,000 | 3.0% |
% of Housing Stock
Rental Trends — Waterford, MI
As of July '25, Rentcast reports the average rent in Waterford, MI is $1,680, with a year-over-year rent change of -27.3%. Per bedroom, the median rent as of July '25 in Waterford, MI is 1-bedrooms: $1,020, 2-bedrooms: $1,840, 3-bedrooms: $2,120, 4-bedrooms: $2,500. The most common rental property sizes in Waterford, MI are 2-bedroom and 1-bedroom, accounting for 42.6% and 41.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,680 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $950 | $1,020 |
| 2 Bed Rent | $1,700 | $1,840 |
| 3 Bed Rent | $1,600 | $2,120 |
| 4 Bed Rent | $2,400 | $2,500 |
% 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 38. This is a increase of 7.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $299,000 | -4.0% |
Listing Count | 83 | 5.0% |
| Listings as % of Homes | 0.4% | 5.0% |
Days on Market | 38 | 7.0% |
Demographics — Waterford, MI
As of the latest ACS Survey released in 2023, Waterford, MI has a population of 25,400, which has decreased by -3.1% over the past 5 years. Waterford, MI is a moderately popular place for families, as children make up 19.6% of the population. The area has a moderately educated workforce, with 27.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,400 | -3.1% |
% Under 18 | 19.6% | -6.7% |
% Seniors | 17.9% | 25.2% |
% WFH | 12.1% | 384.0% |
% w/ College Degree | 27.1% | 8.8% |
As of the latest ACS Survey released in 2023, Waterford, MI is a predominantly white area, with 73.1% of the population identifying as white. The white population has shrunk by 2.9% in the last 5 years. The second most common race or ethnicity in Waterford, MI is black, making up 9.8% of the population. Foreign-born residents account for 5.7% of the population in Waterford, MI, and this percentage has decreased by 29.6% 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 | 73.1% | -2.9% |
% Black | 9.8% | 32.4% |
% Hispanic | 9.7% | -11.8% |
% Asian | 2.0% | 11.1% |
% Foreign Born | 5.7% | -29.6% |
Mortgage and Risk — Waterford, MI
According to HUD data as of 2023, there were 596 mortgage originations in Waterford, MI, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 33.0% 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. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 596 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Waterford, MI
As of 2024, the percent of homes in Waterford, MI under the Section 8 program is 11.2%. 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 | 437 |
Total Units Section 8 | 430 |
% Rentals under Section 8 | 11.2% |
% Occupied Section 8 | 94.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $950 | $1,020 |
| 2 Bedroom | -$410 | $1,700 | $1,290 |
| 3 Bedroom | -$20 | $1,600 | $1,580 |
| 4 Bedroom | -$690 | $2,400 | $1,710 |
Affordability — Waterford, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $249,000 |
| Median Household Income | $69,800 |