$594 Closing Credit*
$50,000
924 SqFt
3 Beds
•1 Full Bath
Mildred Robinson, Listing Office: Century 21 Curran & Oberski
Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$85,000
$73/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$5,293(+6.6%)
Key Takeaway
Homes in Detroit have sold for 6.6% more than they did a year ago.
Summary: The median home sold price in Detroit was $85,000 in October 2024, up 6.6% from last year, and the median price per square foot was $73.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155.5K | $146.4K | -5.8% |
| 2 Bedrooms | $55K | $59.8K | +8.7% |
| 3 Bedrooms | $74.9K | $81.7K | +9.0% |
| 4 Bedrooms | $119.9K | $120.2K | 0.3% |
| 5+ Bedrooms | $183.7K | $196K | +6.7% |
Summary: Detroit housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.8%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
| Highland Park | $45.2K | $57.7K | +27.8% |
| Hamtramck | $149.9K | $169.5K | +13.1% |
| Ferndale | $236.3K | $252.1K | +6.7% |
| Detroit | $79.7K | $85K | +6.6% |
| Royal Oak Charter Township | $330.6K | $341K | +3.1% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2,902 | 3,228 | +11.2% |
Summary: The Detroit real estate market had 3,228 homes for sale in October 2024, a 11.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 84 | 94 | +11.9% |
| 2 Bedrooms | 445 | 517 | +16.2% |
| 3 Bedrooms | 1,811 | 2,006 | +10.8% |
| 4 Bedrooms | 392 | 425 | +8.4% |
| 5+ Bedrooms | 170 | 186 | +9.4% |
Summary: The Detroit housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.9%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 9.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 448 | 475 | +6.0% |
Asking Price vs. Sold Price
257 Homes Were Sold
Under Asking
93 Homes Were Sold
At Asking
125 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit, you may be able to get a good deal. 54.1% of homes here sold below asking price last month.
Summary: A total of 475 homes were sold or pending in Detroit in October 2024, up by 6.0% month-over-month. Of the 475 sold homes, 54% were sold under asking, 20% were sold at asking, and 26% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 46 Days | 45 Days | -2.6% |
Summary: Homes in Detroit had an average of 45 days on market in Oct 2024, down by 2.6% compared to last year.
Breakdown of Home Sale Times
263 Homes Were Sold
Under 30 Days
144 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 October 2024, 475 homes were sold in Detroit; 55% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 14% 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. 
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.