Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$80,163
$69/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in Detroit has remained the same since last year.
Summary: The median home sold price in Detroit was $80,163 in March 2024, down 0.1% from last year, and the median price per square foot was $69.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $111.4K | $161.6K | +45.0% |
| 2 Bedrooms | $55.3K | $55.2K | -0.2% |
| 3 Bedrooms | $75.3K | $79.5K | +5.5% |
| 4 Bedrooms | $120K | $119.4K | -0.5% |
| 5+ Bedrooms | $202K | $191.2K | -5.3% |
Summary: Detroit housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 5.5%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes decreased by 5.3%.
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,635 | 2,918 | +10.7% |
Summary: The Detroit real estate market had 2,918 homes for sale in March 2024, a 10.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 67 | 78 | +16.4% |
| 2 Bedrooms | 419 | 473 | +12.9% |
| 3 Bedrooms | 1,642 | 1,815 | +10.5% |
| 4 Bedrooms | 369 | 399 | +8.1% |
| 5+ Bedrooms | 138 | 153 | +10.9% |
Summary: The Detroit housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 10.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 425 | 392 | -7.8% |
Asking Price vs. Sold Price
224 Homes Were Sold
Under Asking
74 Homes Were Sold
At Asking
94 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 392 homes were sold or pending in Detroit in March 2024, down by 7.8% month-over-month. Of the 392 sold homes, 57% were sold under asking, 19% were sold at asking, and 24% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 108 Days | 49 Days | -54.1% |
Summary: Homes in Detroit had an average of 49 days on market in Mar 2024, down by 54.1% compared to last year.
Breakdown of Home Sale Times
196 Homes Were Sold
Under 30 Days
131 Homes Were Sold
In 30 - 90 Days
65 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 March 2024, 392 homes were sold in Detroit; 50% of homes were sold within 30 days, 33% 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.