Detroit, MI
Housing Market
Detroit's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Detroit's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellDetroit Housing Market Overview
Detroit's housing market offers a variety of properties across budgets, from historic homes to modern developments. The median home price in the city is currently $87,500, a 4.3% increase from the previous year. However, the momentum of home sales has slowed, with properties staying on the market for an average of 65 days. Only 475 homes were sold this month, which is an 11% decline YoY.
Nevertheless, Detroit's real estate market plays a crucial role in Michigan's economy. Known for its rich history, automotive industry roots, and ongoing revitalization efforts, Detroit attracts both local and out-of-state buyers. Sellers can make the most of the current market if they price their homes realistically, and offer incentives to encourage quick sales.
Nevertheless, Detroit's real estate market plays a crucial role in Michigan's economy. Known for its rich history, automotive industry roots, and ongoing revitalization efforts, Detroit attracts both local and out-of-state buyers. Sellers can make the most of the current market if they price their homes realistically, and offer incentives to encourage quick sales.
Median Sale Price
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Detroit
Detroit Housing Supply
There are currently 2,200 homes for sale in Detroit, which marks a 12.25% decrease from the previous year. However, the number of new listings has increased, with 676 new properties entering the market. Supply in Detroit currently stands at 5 months. This points to a balanced market, where both buyers and sellers have more or less equal negotiating power.
The housing supply in Detroit tends to fluctuate based on seasonal trends. As the warmer months approach, the number of new listings typically spikes. This is because both buyers and sellers push to close deals before the colder months set in. Detroit's combination of affordable living, rich history, and access to urban amenities continues to attract a wide range of buyers. Popular neighborhoods like Midtown, Corktown, and Palmer Woods offer a variety of housing options, from historic properties to modern developments. The city's ongoing revitalization, proximity to key industries, and cultural attractions further drive its real estate demand.
The housing supply in Detroit tends to fluctuate based on seasonal trends. As the warmer months approach, the number of new listings typically spikes. This is because both buyers and sellers push to close deals before the colder months set in. Detroit's combination of affordable living, rich history, and access to urban amenities continues to attract a wide range of buyers. Popular neighborhoods like Midtown, Corktown, and Palmer Woods offer a variety of housing options, from historic properties to modern developments. The city's ongoing revitalization, proximity to key industries, and cultural attractions further drive its real estate demand.
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Detroit
Detroit Housing Demand
The real estate market in Detroit, Michigan, has shown mixed competition recently. 20.8% of homes sell above their list price, which signals a healthy demand. At the same time, 19.9% of homes have experienced price reductions, a sign that some sellers are adjusting their expectations. The sale-to-list price ratio in Detroit is a low 94.1%. This means that, on average, sellers receive about 6% less than their asking price.
As a seller, it's crucial to price your home accurately if you don't want price reductions in the future. Offering concessions to buyers is also a good strategy to avoid lowering your asking price. If the sale-to-list price ratio is below 100%, you can expect buyers to negotiate a lower price. As a buyer, you should focus on homes with extended listing periods, or with previous price reductions. These can provide you with increased opportunities for negotiation.
As a seller, it's crucial to price your home accurately if you don't want price reductions in the future. Offering concessions to buyers is also a good strategy to avoid lowering your asking price. If the sale-to-list price ratio is below 100%, you can expect buyers to negotiate a lower price. As a buyer, you should focus on homes with extended listing periods, or with previous price reductions. These can provide you with increased opportunities for negotiation.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Detroit Housing Market: When to Buy or Sell?
Detroit's housing market has historically shifted between buyer-friendly and seller-friendly conditions. Like the broader Michigan real estate market, Detroit's housing market adjusts based on seasonal trends. When competition is low and inventory rises, buyers gain more leverage in negotiations. On the other hand, when demand exceeds supply, sellers can make the most of higher prices and quicker sales.
Moreover, if the months of Detroit's housing supply increase beyond the balanced range of the US real estate market (5 to 6 months), buyers can get more time to evaluate their options. Being aware of these market dynamics can help you decide the best time and strategy for your transaction.
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Frequently Asked Questions
How have the price of Detroit houses changed over the past year?
Over the past year, the median home price in Detroit, Michigan, has increased by 4.3% YoY to $87,500. You can check your home's fair market value with our free home value estimator to decide on your initial asking price, and compare it with other properties in your area.
What are Detroit real estate market predictions for 2025?
The housing market in Detroit is expected to remain stable with modest price growth. While single-family homes see steady value changes, condos may face slower growth. Rising mortgage rates could impact buyer affordability, but the market will likely maintain balance.
What's the average home price in Detroit, Michigan?
Home prices in Detroit, Michigan, vary significantly based on the property type and location. Condos in the city typically cost around $188,750, while single-family homes average $86,750. Detroit offers a range of affordable housing options for both first-time buyers and investors. You can explore cheap houses for sale in Detroit to find something that fits your budget.
Is this a good time to buy a home in Detroit?
To determine if it's a good time to buy a home in Detroit, take into account current housing prices, inventory, and mortgage rates. If mortgage rates are stable and housing supply is plentiful, there may be opportunities for you to negotiate a favorable deal.
Where can I check Detroit housing market trends?
The Detroit housing market tends to be steady, with fluctuations tied to local supply and demand. Homes typically stay on the market for a median of 64 days. You can check Detroit's housing market trends to determine the best time to make a sale or purchase.
When will the Detroit housing market crash?
Detroit housing market forecasts suggest that a crash is not expected in the near future. The market should see modest growth, but an increase in supply may adjust prices. So, buyers and sellers should monitor market conditions carefully.
How to buy a home in Detroit?
The process of buying a home in Detroit begins with defining your budget and securing mortgage pre-approval. Once approved, you can search for homes for sale in Detroit, submit offers, and complete the closing process.
How can I list my home for sale in Detroit, MI?
To list your home for sale in Detroit, you can use a Flat Fee MLS Michigan listing service. High-tech sites like Houzeo ensure that all the necessary paperwork is automatically assigned to you. 🚀
What is the average mortgage rate for buyers in Detroit?
In Detroit, the average mortgage rate for buyers fluctuates between 6.8% and 7%. However, it depends on the market and the borrower's credit score. Always check rates with multiple lenders before you apply.
What is the average cost of living in Detroit, Michigan?
The Detroit's cost of living is 3% higher than the national average. However, housing in Detroit is relatively affordable, with the median price at only $87,500. Moreover, transportation and utility costs are also in line with the US median, which makes Detroit a budget-friendly city.
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