RealTrends Market Report
Detroit, MI
Single-Family Homes
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Detroit, MI
Sat Sep 07 2024
This week the median list price for Detroit, MI is $89,825 with the market action index hovering around 37. This is an increase over last month's market action index of 36. Inventory has decreased to 1,754.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.
Real-Time Market Profile
| Median List Price | $89,825 | |
| Median Price of New Listings | $85,000 | |
| Per Square Foot | $77 | |
| Average Days on Market | 122 | |
| Median Days on Market | 70 | |
| Price Decreased | 39% | |
| Price Increased | 4% | |
| Relisted | 13% | |
| Inventory | 1,754 | |
| Median Rent | ||
| Market Action | 37 | |
| Slight Seller's Advantage | ||
The market seems to have paused around its high point. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $199,949 | 1,700 | 4,500 - 6,500 sqft | 3 | 2 | 95 | 40 | 56 | 56 |
| $110,000 | 1,237 | 4,500 - 6,500 sqft | 3 | 1 | 84 | 26 | 48 | 70 |
| $75,000 | 1,052 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 30 | 48 | 77 |
| $45,000 | 1,039 | 0 - 4,500 sqft | 3 | 1 | 87 | 45 | 40 | 98 |