Detroit, MI Home Values & Market Trends
Real estate market trends reflect that there have been 10,116 transactions over the past year in Detroit. The median value for residential home transactions that occurred over the previous year is $73,607.84. The number of current listings in Detroit is 1,369, and the percentage of properties for sale in the city is 1369.00%. Detroit, MI currently has 540 properties in foreclosure, 395 bank owned properties, 145 properties headed for auction, and 1,369 properties for sale.
Detroit, MI Real Estate Market Overview
Zip | Median Est. Value | Zip | Median Est. Value |
---|---|---|---|
48235 | $ 106,000 $ 83/sqft | 48202 | $ 171,590 $ 78/sqft |
48224 | $ 85,000 $ 72/sqft | 48215 | $ 174,391 $ 118/sqft |
48227 | $ 74,000 $ 64/sqft | 48208 | $ 149,235 $ 85/sqft |
48219 | $ 89,500 $ 82/sqft | 48207 | $ 63,072 $ 35/sqft |
48221 | $ 129,465 $ 85/sqft | 48210 | $ 99,450 $ 61/sqft |
48228 | $ 69,842 $ 67/sqft | 48209 | $ 113,395 $ 64/sqft |
48205 | $ 55,000 $ 49/sqft | 48211 | $ 68,919 $ 60/sqft |
48234 | $ 56,541 $ 54/sqft | 48217 | $ 65,000 $ 61/sqft |
48206 | $ 122,170 $ 50/sqft | 48201 | $ 143,154 $ 62/sqft |
48238 | $ 75,000 $ 45/sqft | 48226 | $ 47,938 $ 30/sqft |
48204 | $ 65,000 $ 41/sqft | 48216 | $ 116,285 $ 53/sqft |
48214 | $ 75,000 $ 42/sqft | 48242 | $ -- $ -- |
48223 | $ 73,449 $ 73/sqft | 48243 | $ -- $ -- |
48213 | $ 50,000 $ 43/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 $73,607.84. The median list price of a home is 85,000, and the total count of properties in the city is 227,016.
- 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 0.17% 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.
- Auctions48235 has 19 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 $205,605 in 48214 to the lowest value of $21,658 in 48214.
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
Information on foreclosure financing, refinancing, and foreclosure mortgages.