Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Detroit was a Seller's Market.
Housing Prices in Detroit, MI
How much do homes in Detroit, MI cost?
Median Sold Price
$81,036
$70/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Detroit was $81,036 in April 2024, up 1.3% from last year, and the median price per square foot was $70.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $161.6K | +40.5% |
2 Bedrooms | $54.2K | $57.2K | +5.6% |
3 Bedrooms | $75K | $80K | +6.7% |
4 Bedrooms | $120K | $116.4K | -3.0% |
5+ Bedrooms | $200K | $177.5K | -11.3% |
Summary: Detroit housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.5%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes decreased by 11.3%.
Median Sold Price Compared To Nearby Cities
Royal Oak Charter Township | $310K | $340.7K | +9.9% |
Ferndale | $234.7K | $245K | +4.4% |
Detroit | $80K | $81K | +1.3% |
Highland Park | $53K | $51K | -3.8% |
Hamtramck | $157.2K | $150K | -4.6% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
2,627 | 2,960 | +12.7% |
Summary: The Detroit real estate market had 2,960 homes for sale in April 2024, a 12.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 69 | 83 | +20.3% |
2 Bedrooms | 431 | 489 | +13.5% |
3 Bedrooms | 1,629 | 1,825 | +12.0% |
4 Bedrooms | 360 | 412 | +14.4% |
5+ Bedrooms | 138 | 151 | +9.4% |
Summary: The Detroit housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20.3%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 14.4%, and 5+ bedroom homes increased by 9.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
444 | 426 | -4.1% |
Asking Price vs. Sold Price
243 Homes Were Sold
Under Asking
89 Homes Were Sold
At Asking
94 Homes Were Sold
Over Asking
Summary: A total of 426 homes were sold or pending in Detroit in April 2024, down by 4.1% month-over-month. Of the 426 sold homes, 57% were sold under asking, 21% were sold at asking, and 22% were sold over asking.
Days on Market for Detroit, MI
How long does it take to sell a home in Detroit, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
91 Days | 45 Days | -50.0% |
Summary: Homes in Detroit had an average of 45 days on market in Apr 2024, down by 50% compared to last year.
Breakdown of Home Sale Times
236 Homes Were Sold
Under 30 Days
122 Homes Were Sold
In 30 - 90 Days
68 Homes Were Sold
Over 90 Days
Summary: During April 2024, 426 homes were sold in Detroit; 55% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.