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 2020

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

$70,051

$60/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2020

+$19,971(+39.9%)

Key Takeaway

Homes in Detroit have sold for 39.9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2020Nov 2021%
1 $175K$171K
-2.3%
2 $36.3K$50.1K
+37.8%
3 $45.1K$63.3K
+40.2%
4 $84.1K$126.4K
+50.2%
5+ $171K$210K
+22.8%

Median Sold Price Compared To Nearby Cities

Detroit
+39.9%
Hamtramck
+15.0%
Ferndale
+2.1%

How many homes are available in Detroit, MI?

Number of Homes For Sale

Oct 2021Nov 2021%
1,7561,911+8.8%

Homes For Sale By Bedroom Count

# BEDSOct 2021Nov 2021%
1 5960
+1.7%
2 295316
+7.1%
3 1,0631,149
+8.1%
4 242281
+16.1%
5+ 97105
+8.2%

Number of Homes Sold

Oct 2021Nov 2021%
2712720.4%

Asking Price vs. Sold Price

148 Homes Were Sold
Under Asking

54 Homes Were Sold
At Asking

68 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. 54.8% of homes here sold below asking price last month.

Average Sale Time

Nov 2020Nov 2021%
65 Days41 Days-36.4%

Breakdown of Home Sale Times

157 Homes Were Sold
Under 30 Days

80 Homes Were Sold
In 30 - 90 Days

35 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.

About Detroit, MI

Detroit, MI has 1,911 homes for sale to choose from. The number of homes for sale in Detroit, MI increased by 8.8% between October 2021 and November 2021. In November 2021 median list price was $70,051 and the average listing age was 41 days. From October 2021 through November 2021, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties decreased by 2.3%, 2 bedrooms properties prices increased by 37.8%, 3 bedrooms properties prices increased by 40.2%, 4 bedrooms properties became 50.2% more expensive, 5 bedrooms properties became 22.8% more expensive. Volume of homes for sale in this real estate market have seen the following changes: 1 bedroom homes became 1.7% more available, the quantity of 2 bedrooms homes went up by 7.1%, 3 bedrooms homes inventory increased by 8.1%, the quantity of 4 bedrooms homes went up by 16.1%, volume of 5 bedrooms homes went up by 8.2%. While more than 68 listings in Detroit, MI in November 2021 were sold above asking price, there were more than 54 listings sold at asking price, and more than 148 were sold below.

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