Detroit, MI Home Values & Market Trends
Real estate market trends reflect that there have been 10,231 transactions over the past year in Detroit. The median value for residential home transactions that occurred over the previous year is $73,603.97. The number of current listings in Detroit is 1,487, and the percentage of properties for sale in the city is 1487.00%. Detroit, MI currently has 537 properties in foreclosure, 399 bank owned properties, 138 properties headed for auction, and 1,487 properties for sale.
Detroit, MI Real Estate Market Overview
Zip | Median Est. Value | Zip | Median Est. Value |
---|---|---|---|
48224 | $ 83,065 $ 71/sqft | 48202 | $ 185,000 $ 94/sqft |
48235 | $ 99,115 $ 78/sqft | 48215 | $ 159,500 $ 105/sqft |
48227 | $ 74,950 $ 61/sqft | 48208 | $ 149,235 $ 85/sqft |
48219 | $ 83,206 $ 79/sqft | 48207 | $ 63,072 $ 35/sqft |
48228 | $ 67,752 $ 65/sqft | 48209 | $ 97,450 $ 54/sqft |
48221 | $ 126,507 $ 81/sqft | 48210 | $ 99,000 $ 61/sqft |
48205 | $ 55,000 $ 49/sqft | 48211 | $ 68,919 $ 60/sqft |
48234 | $ 56,541 $ 55/sqft | 48216 | $ 183,421 $ 80/sqft |
48238 | $ 74,702 $ 44/sqft | 48226 | $ 47,938 $ 34/sqft |
48206 | $ 123,541 $ 50/sqft | 48201 | $ 143,154 $ 62/sqft |
48204 | $ 65,000 $ 41/sqft | 48217 | $ 55,950 $ 55/sqft |
48214 | $ 101,984 $ 47/sqft | 48242 | $ -- $ -- |
48213 | $ 55,900 $ 45/sqft | 48243 | $ -- $ -- |
48223 | $ 76,202 $ 74/sqft |
Housing Market Summary for Detroit, MI
Apr 2023 | March 2024 | Change | |
---|---|---|---|
Median Listing Price | $79,000 | $74,134.282 | -6.16% |
Median Sold Price | $58,419.546 | $74,134.282 | 26.90% |
Homes For Sale | 1,137 | 1,374 | 20.84% |
Homes Sold | 12,569 | 5,757 | -54.20% |
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 $10,229 to $3,805,036. The median estimated value of a home in Detroit is $73,603.97. The median list price of a home is 85,000, and the total count of properties in the city is 227,017.
- 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 $199,900 in 48202 to the lowest value of $19,688 in 48211. Bank owned homes and properties account for 0.18% of properties in Detroit, MI. There are 27 zips within Detroit, MI; 48227 containing 42 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions48221 has 18 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 0.06% 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 $262,122 in 48214 to the lowest value of $21,658 in 48214.
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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.
Lansing’s real estate market has seen substantial growth in home values and sales prices from April 2023 to March 2024, positioning the city as an attractive investment prospect.
Why Buying a Foreclosure is a Smart Move