$653 Closing Credit*
$55,000
3 Beds
•1 Full Bath
Kristian Freiwald, Listing Office: Kristian Freiwald
Is Detroit, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$85,016
$67/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$6,639(+8.5%)
Key Takeaway
Homes in Detroit have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in Detroit was $85,016 in November 2024, up 8.5% from last year, and the median price per square foot was $67.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $213K | $135K | -36.6% |
| 2 Bedrooms | $55K | $59.9K | +8.9% |
| 3 Bedrooms | $74.9K | $82.8K | +10.4% |
| 4 Bedrooms | $113.8K | $125.1K | +9.9% |
| 5+ Bedrooms | $178.9K | $195K | +9.0% |
Summary: Detroit housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 36.6%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 9%.
Median Sold Price Compared To Nearby Cities
| Highland Park | $46.5K | $60K | +29.0% |
| Hamtramck | $150K | $165K | +10.0% |
| Detroit | $78.3K | $85K | +8.5% |
| Ferndale | $240K | $250.3K | +4.3% |
| Royal Oak Charter Township | $335K | $341.7K | +2.0% |
Housing Supply in Detroit, MI
How many homes are available in Detroit, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 3,108 | 3,170 | +2.0% |
Summary: The Detroit real estate market had 3,170 homes for sale in November 2024, a 2.0% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 85 | 89 | +4.7% |
| 2 Bedrooms | 500 | 497 | -0.6% |
| 3 Bedrooms | 1,936 | 1,987 | +2.6% |
| 4 Bedrooms | 405 | 408 | +0.7% |
| 5+ Bedrooms | 182 | 189 | +3.8% |
Summary: The Detroit housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.7%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes increased by 3.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 543 | 396 | -27.1% |
Asking Price vs. Sold Price
247 Homes Were Sold
Under Asking
55 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. 62.4% of homes here sold below asking price last month.
Summary: A total of 396 homes were sold or pending in Detroit in November 2024, down by 27.1% month-over-month. Of the 396 sold homes, 62% were sold under asking, 14% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 44 Days | 49 Days | +9.9% |
Summary: Homes in Detroit had an average of 49 days on market in Nov 2024, up by 9.9% compared to last year.
Breakdown of Home Sale Times
195 Homes Were Sold
Under 30 Days
142 Homes Were Sold
In 30 - 90 Days
59 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 November 2024, 396 homes were sold in Detroit; 49% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 15% 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. 
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.