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

ZipMedian Est. ValueZipMedian 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

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Housing Market Summary for Detroit, MI

Mar 2023February 2024Change
Median Listing Price$75,245.455$75,709.1750.62%
Median Sold Price$58,999.572$75,709.17528.32%
Homes For Sale1,1851,056-10.89%
Homes Sold14,6976,265-57.37%
Price
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Homes For Sale
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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%.

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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.

Foreclosure
There are 27 zips within Detroit, MI; within these zips, the median estimated home value for homes in foreclosure ranges from $371,517 in 48224 to the lowest value of $20,800 in 48224. Foreclosure homes account for 0.00% of properties in Detroit, MI with 48219 containing 59 foreclosures, the highest number of foreclosure properties in a single zip.
  • Pre-Foreclosure
    Pre-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 Owned
    The 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.
  • Auctions
    48221 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.
Homes for Sale
Homes and properties that are actively listed for sale account for 0.46% of residential properties in Detroit, MI with 48224 containing 113 homes for sale, the highest number of listed properties in a single zip. There are 27 zips within Detroit, MI; homes for sale in those zips, have a range of median values from $495,000 in 48201 to the lowest value of $15,580 in 48238.
    Sold Homes
    The median value for recently sold homes ranges from $741,797 in 48226 to the lowest price of $17,382 in 48226. There are 27 zips within Detroit, MI. 48228 has 578 recently sold homes, the highest number of recently sold properties in a single zip. Recently sold homes and properties account for 2.66% of properties in Detroit, MI.

      Compare Nearby Cities

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      Guide for Detroit, MI

      RealtyTrac Market Report
      Michigan
      2023 Michigan Real Estate Market: Analysis Reveals Booming Property Values and Volatile Sold Prices
      Michigan
      Detroit Real Estate Market Holds Steady: 2023 in Review
      Investment Guides
      Why Buying a Foreclosure is a Smart Move
      A Luxury Mansion
      Investing Strategies
      Winning A Luxury Real Estate Auctions: Key Tips
      See More Articles
      RealtyTrac Market Report
      2023 Michigan Real Estate Market: Analysis Reveals Booming Property Values and Volatile Sold Prices
      Michigan|posted 8 December 2023

      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.

      Detroit Real Estate Market Holds Steady: 2023 in Review
      Michigan|posted 25 January 2024

      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
      Investment Guides|posted 15 November 2017

      Why Buying a Foreclosure is a Smart Move

      A Luxury Mansion
      Winning A Luxury Real Estate Auctions: Key Tips
      Investing Strategies|posted 1 March 2024

      A few quick tips to prepare you for selling a luxury home at auction