Detroit, MI Home Values & Market Trends
Real estate market trends reflect that there have been 9,970 transactions over the past year in Detroit. The median value for residential home transactions that occurred over the previous year is $74,832.43. The number of current listings in Detroit is 1,069, and the percentage of properties for sale in the city is 1069.00%. Detroit, MI currently has 636 properties in foreclosure, 400 bank owned properties, 236 properties headed for auction, and 1,069 properties for sale.
Detroit, MI Real Estate Market Overview
Zip | Median Est. Value | Zip | Median Est. Value |
---|---|---|---|
48224 | $ 79,900 $ 68/sqft | 48223 | $ 99,096 $ 95/sqft |
48227 | $ 74,397 $ 58/sqft | 48215 | $ 184,721 $ 106/sqft |
48235 | $ 90,062 $ 76/sqft | 48202 | $ 292,558 $ 135/sqft |
48205 | $ 59,900 $ 53/sqft | 48208 | $ 183,965 $ 84/sqft |
48219 | $ 86,216 $ 84/sqft | 48209 | $ 125,008 $ 59/sqft |
48228 | $ 64,938 $ 66/sqft | 48210 | $ 86,012 $ 50/sqft |
48221 | $ 115,216 $ 87/sqft | 48211 | $ 50,499 $ 44/sqft |
48238 | $ 77,165 $ 42/sqft | 48201 | $ 277,800 $ 213/sqft |
48234 | $ 59,999 $ 61/sqft | 48217 | $ 79,415 $ 63/sqft |
48206 | $ 173,284 $ 63/sqft | 48226 | $ 92,956 $ 73/sqft |
48214 | $ 66,152 $ 43/sqft | 48242 | $ -- $ -- |
48204 | $ 78,000 $ 49/sqft | 48243 | $ -- $ -- |
48207 | $ 119,950 $ 91/sqft | 48216 | $ -- $ -- |
48213 | $ 60,327 $ 51/sqft |
Housing Market Summary for Detroit, MI
Mar 2023 | February 2024 | Change | |
---|---|---|---|
Median Listing Price | $75,245.455 | $75,709.175 | 0.62% |
Median Sold Price | $58,999.572 | $75,709.175 | 28.32% |
Homes For Sale | 1,185 | 1,056 | -10.89% |
Homes Sold | 14,697 | 6,265 | -57.37% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Detroit, MI
Browse Homes in Detroit, MI
Detroit home values range from $11,967 to $5,382,650. The median estimated value of a home in Detroit is $74,832.43. The median list price of a home is 85,000, and the total count of properties in the city is 229,947.
- Pre-ForeclosurePre-foreclosure homes account for 0% of all residential properties in Detroit, MI with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There are 27 zips within Detroit, MI; of those zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Detroit, MI ranges from the highest value of $148,175 in 48202 to the lowest value of $20,800 in 48224. Bank owned homes and properties account for 0.17% of properties in Detroit, MI. There are 27 zips within Detroit, MI; 48228 containing 36 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions48221 has 34 auction properties, the highest number of properties going to auction in a single zip in the state of Detroit, MI. Auction homes and other auction properties account for 0.10% of all properties in Detroit, MI. There are 27 zips within Detroit, MI; of those zips, the median estimated home value for homes going to auction ranges from $459,999 in 48206 to the lowest value of $27,900 in 48206.
Compare Nearby Cities
More Real Estate Resources for Detroit, MI
Guide for Detroit, MI
Explore the nuances of Michigan’s 2023 real estate market, where rising property values meet shifting sold prices and distressed properties offer investment opportunities amidst a stable yet competitive landscape.
The 2023 Detroit real estate market trend showed steady average listing values and an increase in property sales, with neighboring cities displaying more fluctuation but higher property values. This reflects the city’s resilience amidst an unpredictable industry landscape.
Why Buying a Foreclosure is a Smart Move
A few quick tips to prepare you for selling a luxury home at auction