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 January 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

$80,000

$69/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$2,984(-3.6%)

Key Takeaway

Homes in Detroit have sold for 3.6% less than they did a year ago.

Summary: The median home sold price in Detroit was $80,000 in January 2024, down 3.6% from last year, and the median price per square foot was $69.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $132.5K$154K
+16.2%
2 $56.7K$55.8K
-1.7%
3 $77.3K$76.1K
-1.5%
4 $129.3K$118.1K
-8.7%
5+ $220K$181.2K
-17.6%

Summary: Detroit housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.2%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes decreased by 8.7%, and 5+ bedroom homes decreased by 17.6%.

Median Sold Price Compared To Nearby Cities

Royal Oak Charter Township
+13.6%
Ferndale
0.0%
Detroit
-3.6%

Housing Supply in Detroit, MI

How many homes are available in Detroit, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
2,5222,796+10.9%

Summary: The Detroit real estate market had 2,796 homes for sale in January 2024, a 10.9% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 6573
+12.3%
2 373429
+15.0%
3 1,5971,764
+10.5%
4 359389
+8.4%
5+ 128141
+10.2%

Summary: The Detroit housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.3%, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 10.2%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
451339-24.8%

Asking Price vs. Sold Price

188 Homes Were Sold
Under Asking

74 Homes Were Sold
At Asking

77 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. 55.5% of homes here sold below asking price last month.

Summary: A total of 339 homes were sold or pending in Detroit in January 2024, down by 24.8% month-over-month. Of the 339 sold homes, 55% were sold under asking, 22% were sold at asking, and 23% 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

Jan 2023Jan 2024CHANGE
66 Days46 Days-30.4%

Summary: Homes in Detroit had an average of 46 days on market in Jan 2024, down by 30.4% compared to last year.

Breakdown of Home Sale Times

183 Homes Were Sold
Under 30 Days

99 Homes Were Sold
In 30 - 90 Days

57 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Detroit are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 339 homes were sold in Detroit; 54% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.

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

Report Updated 29 Days Ago

Newest Listings in Detroit, MI

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