RealTrends Market Report
Detroit, MI
Single-Family Homes
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Detroit, MI
Sun Dec 10 2023
This week the median list price for Detroit, MI is $79,900 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 1,956.
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
| Median List Price | $79,900 | |
| Median Price of New Listings | $94,700 | |
| Per Square Foot | $71 | |
| Average Days on Market | 114 | |
| Median Days on Market | 70 | |
| Price Decreased | 40% | |
| Price Increased | 2% | |
| Relisted | 9% | |
| Inventory | 1,956 | |
| Median Rent | ||
| Market Action | 35 | |
| Slight Seller's Advantage | ||
The market appears to be hovering around this plateau. Look for a persistent change 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 |
|---|---|---|---|---|---|---|---|---|
| $175,000 | 1,570 | 4,500 - 6,500 sqft | 3 | 1.5 | 94 | 51 | 46 | 49 |
| $96,500 | 1,190 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 63 | 53 | 56 |
| $68,000 | 1,059 | 0 - 4,500 sqft | 3 | 1 | 82 | 42 | 52 | 77 |
| $40,000 | 1,030 | 0 - 4,500 sqft | 3 | 1 | 86 | 34 | 62 | 84 |