Detroit, MI Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices falling in Detroit? ›

Median Sale Price

Housing prices in Detroit are significantly lower than the average for the US- sitting at just $73,000 as of April 2023. This is 6.5% lower year-over-year but has been steadily appreciating over the last few months.

June, July, and August are the best months to sell your house in Michigan. The median sale price of houses in June 2023 was $260,400, which is expected to rise in 2024. However, cities like Birmingham and Houghton Lake follow an upward trend throughout the year.

Metro Detroit is a great place to invest in a rental property. After all, the city has a strong local economy, booming tourism, a high quality of life, and plenty of local attractions. All of this is attractive to tenants, which means great returns for real estate investors.

Yet the estimates released Thursday show Detroit's population rose by just 1,852 people from 631,366 in 2022 to 633,218 last year.

Homes in Detroit have sold for 5.7% more than they did a year ago. Summary: The median home sold price in Detroit was $84,010 in June 2024, up 5.7% from last year, and the median price per square foot was $72.

Broadly speaking, Michigan is a seller's market due to low inventory and rising prices, as is currently the case for most of the U.S. Forbes reports that there doesn't seem to be a housing boom on the horizon in Michigan to increase inventory and ease demand, as rates of new construction are slower in the state.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March.

The influential Mortgage Bankers Association is forecasting that mortgage rates will hit 6.1% by the end of 2024. This creates a more favorable climate for real estate transactions. Prospective rate drops encourage more buyer activity in the market, getting buyers off the fence and actively planning a purchase.

How do you interview a realtor for selling a house? ›

“Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.” - Marshall Field, entrepreneur. “The best investment on Earth is earth.” - Louis Glickman, real estate investor.

Sale-to-list price ratio: 93.67% Detroit, MI is a buyer's market in June 2024, which means that the supply of homes is greater than the demand for homes.

Over decades, the property tax rate in Detroit has soared, as the collective value of property in Detroit declined by billions of dollars. Because land here has less value, landowners have had to pay at higher rates to fund city services.

Average Home Prices: The average median home price in Michigan is $228,000, up by 9.2% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 97.5%, with an increase of 0.3% pt YoY compared to January 2024.

Detroit Sees First Population Growth Since 1957; Smaller Cities See Bigger Increases. For the first time in 66 years, Detroit grew in population, according to new Census Bureau estimates for 2023 that Mayor Mike Duggan hailed as “a day of celebration” for Michigan's largest city.

In December of 2020 the US Postal Service reported 74,313 total vacant properties in the City of Detroit, equivalent to a 19 percent vacancy rate. This rate is the lowest report rated since 2015, as can be seen in the first chart below.

Tax foreclosures have likely been the biggest force depreciating values in Detroit's neighborhoods, and those numbers have fallen drastically from their heights in the early 2010s, thanks to more payment plans and property tax exemption programs for low-income homeowners.