Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$82,639
$71/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Detroit have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Detroit was $82,639 in May 2024, up 3.3% from last year, and the median price per square foot was $71.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $161.6K | +40.5% |
| 2 Bedrooms | $53.8K | $57.6K | +7.1% |
| 3 Bedrooms | $75K | $80K | +6.7% |
| 4 Bedrooms | $121K | $120K | -0.8% |
| 5+ Bedrooms | $198K | $175K | -11.6% |
Summary: Detroit housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.5%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes decreased by 11.6%.
Median Sold Price Compared To Nearby Cities
| Highland Park | $50K | $54K | +8.0% |
| Royal Oak Charter Township | $315K | $339.8K | +7.9% |
| Ferndale | $235K | $245K | +4.3% |
| Detroit | $79.9K | $82.6K | +3.3% |
| Hamtramck | $155K | $150K | -3.2% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,801 | 3,077 | +9.9% |
Summary: The Detroit real estate market had 3,077 homes for sale in May 2024, a 9.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 82 | 92 | +12.2% |
| 2 Bedrooms | 451 | 499 | +10.6% |
| 3 Bedrooms | 1,721 | 1,893 | +10.0% |
| 4 Bedrooms | 404 | 427 | +5.7% |
| 5+ Bedrooms | 143 | 166 | +16.1% |
Summary: The Detroit housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 16.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 485 | 433 | -10.7% |
Asking Price vs. Sold Price
246 Homes Were Sold
Under Asking
71 Homes Were Sold
At Asking
116 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit, you may be able to get a good deal. 56.8% of homes here sold below asking price last month.
Summary: A total of 433 homes were sold or pending in Detroit in May 2024, down by 10.7% month-over-month. Of the 433 sold homes, 57% were sold under asking, 16% were sold at asking, and 27% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 49 Days | +10.7% |
Summary: Homes in Detroit had an average of 49 days on market in May 2024, up by 10.7% compared to last year.
Breakdown of Home Sale Times
243 Homes Were Sold
Under 30 Days
118 Homes Were Sold
In 30 - 90 Days
72 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 May 2024, 433 homes were sold in Detroit; 56% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.