Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Detroit was a Seller's Market.
Key Takeaway
Detroit is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Detroit, MI
How much do homes in Detroit, MI cost?
Median Sold Price
$81,036
$70/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Detroit have sold for 1.3% more than they did a year ago.
Summary: The median home sold price in Detroit was $81,036 in April 2024, up 1.3% from last year, and the median price per square foot was $70.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $161.6K | +40.5% |
| 2 Bedrooms | $54.2K | $57.2K | +5.6% |
| 3 Bedrooms | $75K | $80K | +6.7% |
| 4 Bedrooms | $120K | $116.4K | -3.0% |
| 5+ Bedrooms | $200K | $177.5K | -11.3% |
Summary: Detroit housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.5%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes decreased by 11.3%.
Median Sold Price Compared To Nearby Cities
| Royal Oak Charter Township | $310K | $340.7K | +9.9% |
| Ferndale | $234.7K | $245K | +4.4% |
| Detroit | $80K | $81K | +1.3% |
| Highland Park | $53K | $51K | -3.8% |
| Hamtramck | $157.2K | $150K | -4.6% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2,627 | 2,960 | +12.7% |
Summary: The Detroit real estate market had 2,960 homes for sale in April 2024, a 12.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 69 | 83 | +20.3% |
| 2 Bedrooms | 431 | 489 | +13.5% |
| 3 Bedrooms | 1,629 | 1,825 | +12.0% |
| 4 Bedrooms | 360 | 412 | +14.4% |
| 5+ Bedrooms | 138 | 151 | +9.4% |
Summary: The Detroit housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20.3%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 14.4%, and 5+ bedroom homes increased by 9.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 444 | 426 | -4.1% |
Asking Price vs. Sold Price
243 Homes Were Sold
Under Asking
89 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% of homes here sold below asking price last month.
Summary: A total of 426 homes were sold or pending in Detroit in April 2024, down by 4.1% month-over-month. Of the 426 sold homes, 57% were sold under asking, 21% were sold at asking, and 22% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 91 Days | 45 Days | -50.0% |
Summary: Homes in Detroit had an average of 45 days on market in Apr 2024, down by 50% compared to last year.
Breakdown of Home Sale Times
236 Homes Were Sold
Under 30 Days
122 Homes Were Sold
In 30 - 90 Days
68 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 April 2024, 426 homes were sold in Detroit; 55% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 16% 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.