Is Detroit, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Detroit is a buyer's market

Buyer's
Market

Difference Since November 2021

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.

How much do homes in Detroit, MI cost?

Median Sold Price

$83,524

$71/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$13,199(+18.8%)

Key Takeaway

Homes in Detroit have sold for 18.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $171.2K$147.5K
-13.9%
2 $50.4K$57.8K
+14.6%
3 $65K$77.2K
+18.8%
4 $120K$129.9K
+8.3%
5+ $204.9K$220K
+7.3%

Median Sold Price Compared To Nearby Cities

Detroit
+18.8%
Hamtramck
+15.0%
Ferndale
+7.6%

How many homes are available in Detroit, MI?

Number of Homes For Sale

Oct 2022Nov 2022%
2,7252,864+5.1%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 6769
+3.0%
2 423439
+3.8%
3 1,7011,794
+5.5%
4 380401
+5.5%
5+ 154161
+4.5%

Number of Homes Sold

Oct 2022Nov 2022%
384293-23.7%

Asking Price vs. Sold Price

175 Homes Were Sold
Under Asking

47 Homes Were Sold
At Asking

71 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Detroit, you may be able to get a good deal. 59.7% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
41 Days38 Days-6.0%

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Detroit has remained consistent over time.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Detroit, MI

Detroit, MI has 2,864 homes on the market. The number of listings in Detroit, MI increased by 5.1% between October 2022 and November 2022. Listings spent 38 days on the market in November 2022, and had a median list price of $83,524 during the same period. This housing market listing prices have changed between October 2022 and November 2022: 1 bedroom properties became 13.9% more cheaper, prices of 2 bedrooms properties increased by 14.6%, prices of 3 bedrooms properties went up by 18.8%, the cost of 4 bedrooms properties went up by 8.3%, prices of 5 bedrooms properties increased by 7.3%. The following changes in the number of homes for sale were observed in this housing market: number of 1 bedroom homes increased by 3%, number of 2 bedrooms homes increased by 3.8%, 3 bedrooms homes inventory increased by 5.5%, 4 bedrooms homes inventory increased by 5.5%, number of 5 bedrooms homes increased by 4.5%. Over 71 listings were sold over their listed price in November 2022 in Detroit, MI. In the same period over 175 listings were sold below the listed price and 47 listings were sold for the listed price.

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