Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Detroit was a Seller's Market.
Key Takeaway
Detroit is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Detroit, MI
How much do homes in Detroit, MI cost?
Median Sold Price
$84,010
$72/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Detroit have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Detroit was $84,010 in June 2024, up 5.7% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $114.9K | $159K | +38.4% |
| 2 Bedrooms | $52.5K | $57.4K | +9.4% |
| 3 Bedrooms | $74.9K | $80K | +6.8% |
| 4 Bedrooms | $116.2K | $123.8K | +6.6% |
| 5+ Bedrooms | $192.5K | $175.1K | -9.0% |
Summary: Detroit housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.4%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 9%.
Median Sold Price Compared To Nearby Cities
| Ferndale | $232.8K | $250K | +7.4% |
| Royal Oak Charter Township | $318.8K | $340K | +6.6% |
| Detroit | $79.5K | $84K | +5.7% |
| Highland Park | $53K | $54K | +1.9% |
| Hamtramck | $155K | $154.5K | -0.3% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 2,836 | 2,982 | +5.1% |
Summary: The Detroit real estate market had 2,982 homes for sale in June 2024, a 5.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 82 | 81 | -1.2% |
| 2 Bedrooms | 442 | 473 | +7.0% |
| 3 Bedrooms | 1,773 | 1,853 | +4.5% |
| 4 Bedrooms | 391 | 422 | +7.9% |
| 5+ Bedrooms | 148 | 153 | +3.4% |
Summary: The Detroit housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.2%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 3.4%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 504 | 397 | -21.2% |
Asking Price vs. Sold Price
211 Homes Were Sold
Under Asking
83 Homes Were Sold
At Asking
103 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit, you may be able to get a good deal. 53.1% of homes here sold below asking price last month.
Summary: A total of 397 homes were sold or pending in Detroit in June 2024, down by 21.2% month-over-month. Of the 397 sold homes, 53% were sold under asking, 21% were sold at asking, and 26% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 57 Days | 51 Days | -10.0% |
Summary: Homes in Detroit had an average of 51 days on market in Jun 2024, down by 10% compared to last year.
Breakdown of Home Sale Times
205 Homes Were Sold
Under 30 Days
123 Homes Were Sold
In 30 - 90 Days
69 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Detroit are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 397 homes were sold in Detroit; 52% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.