$1,899 Closing Credit*
$159,900
1,541 SqFt
3 Beds
•1 Full Bath, 1 Partial
Valyncia Page, Listing Office: Front Page Properties
Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 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
$85,917
$68/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$6,120(+7.7%)
Key Takeaway
Homes in Detroit have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Detroit was $85,917 in December 2024, up 7.7% from last year, and the median price per square foot was $68.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $230K | $130K | -43.5% |
| 2 Bedrooms | $55.1K | $60K | +8.8% |
| 3 Bedrooms | $74.9K | $84K | +12.1% |
| 4 Bedrooms | $115.2K | $126K | +9.4% |
| 5+ Bedrooms | $193K | $190.5K | -1.3% |
Summary: Detroit housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 43.5%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes decreased by 1.3%.
Median Sold Price Compared To Nearby Cities
| Highland Park | $45.2K | $61.9K | +36.9% |
| Detroit | $79.7K | $85.9K | +7.7% |
| Ferndale | $240K | $251.2K | +4.7% |
| Royal Oak Charter Township | $338.8K | $344.9K | +1.8% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 2,910 | 2,916 | 0.2% |
Summary: The Detroit real estate market had 2,916 homes for sale in December 2024, a 0.2% increase compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 80 | 83 | +3.8% |
| 2 Bedrooms | 445 | 465 | +4.5% |
| 3 Bedrooms | 1,823 | 1,796 | -1.5% |
| 4 Bedrooms | 387 | 401 | +3.6% |
| 5+ Bedrooms | 175 | 171 | -2.3% |
Summary: The Detroit housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.8%, 2 bedroom homes increased by 4.5%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes decreased by 2.3%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 466 | 390 | -16.3% |
Asking Price vs. Sold Price
231 Homes Were Sold
Under Asking
68 Homes Were Sold
At Asking
91 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit, you may be able to get a good deal. 59.2% of homes here sold below asking price last month.
Summary: A total of 390 homes were sold or pending in Detroit in December 2024, down by 16.3% month-over-month. Of the 390 sold homes, 59% were sold under asking, 17% 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
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 48 Days | 46 Days | -4.1% |
Summary: Homes in Detroit had an average of 46 days on market in Dec 2024, down by 4.1% compared to last year.
Breakdown of Home Sale Times
200 Homes Were Sold
Under 30 Days
142 Homes Were Sold
In 30 - 90 Days
48 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 December 2024, 390 homes were sold in Detroit; 51% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 12% 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. 
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Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.