RealTrends Market Report
Detroit, MI
Single-Family Homes
Want your own branded market report? Visit altosresearch.com.
Detroit, MI
Fri Dec 13 2024
This week the median list price for Detroit, MI is $94,999 with the market action index hovering around 35. This is about the same as last month's market action index of 35. Inventory has held steady at or around 1,859.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $94,999 | |
| Median Price of New Listings | $105,000 | |
| Per Square Foot | $80 | |
| Average Days on Market | 117 | |
| Median Days on Market | 70 | |
| Price Decreased | 38% | |
| Price Increased | 4% | |
| Relisted | 15% | |
| Inventory | 1,859 | |
| Median Rent | ||
| Market Action | 35 | |
| Slight Seller's Advantage | ||
Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
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 |
|---|---|---|---|---|---|---|---|---|
| $209,000 | 1,808 | 4,500 - 6,500 sqft | 3 | 2 | 94 | 35 | 31 | 56 |
| $119,900 | 1,272 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 34 | 28 | 63 |
| $79,900 | 1,080 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 31 | 33 | 84 |
| $49,999 | 1,023 | 0 - 4,500 sqft | 3 | 1 | 85 | 29 | 41 | 98 |