RealTrends Market Report

Detroit, MI

Single-Family Homes

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Detroit, MI

Wed Apr 24 2024
This week the median list price for Detroit, MI is $84,900 with the market action index hovering around 35. This is less than last month's market action index of 36. Inventory has decreased to 1,770. Click here to stay informed with the Detroit market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb.

Detroit, MI

Wed Apr 24 2024
This week the median list price for Detroit, MI is $84,900 with the market action index hovering around 35. This is less than last month's market action index of 36. Inventory has decreased to 1,770. Click here to stay informed with the Detroit market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb.

Real-Time Market Profile

Never miss important changes in the Detroit market.
Median List Price $84,900
Median Price of New Listings $85,000
Per Square Foot $71
Average Days on Market 121
Median Days on Market 74
Price Decreased 37%
Price Increased 4%
Relisted 12%
Inventory 1,770
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
$185,000 1,668 4,500 - 6,500 sqft 3 1.5 95 55 49 70
$100,000 1,248 4,500 - 6,500 sqft 3 1 83 43 48 63
$69,900 1,074 4,500 - 6,500 sqft 3 1 83 55 47 84
$42,000 1,067 0 - 4,500 sqft 3 1 87 39 58 84