Zillow Detroit (2024)

FAQs

Are home prices falling in Detroit? ›

Detroit Housing Market Trends

In June 2024, Detroit home prices were up 13.5% compared to last year, selling for a median price of $85K. On average, homes in Detroit sell after 43 days on the market compared to 41 days last year. There were 546 homes sold in June this year, down from 593 last 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.

Q: Why are Detroit houses so cheap? A: Simply put, the housing prices in Detroit are such bargains because there's a lack of demand. At its peak in 1950, Detroit was the fifth-largest city in the United States with a population of 1.85 million.

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.

The average median home price in Michigan is $251,600, reflecting a 5.4% year-over-year increase. Experts predict further price increases due to tight inventory levels. Grand Rapids ranks ninth on Realtor's Top 10 Real Estate Markets of 2024, with forecasted home sales growth of 6.1% and home price growth of 7.2%.

Birmingham, Michigan is perhaps the wealthiest suburb of Detroit. This is enough to put it right near the top for us. It is located 20 miles north of the center of Detroit along the Woodward corridor.

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.

Unemployment is low, the job market is diverse, and the cost of living is more affordable than in many other major metro areas. If you're looking for a fresh start in a creative and industrious Midwestern city, Detroit may offer the friendly, big-city lifestyle you're looking for.

'Detroit is a vibrant and growing city again'

That mayor has centered the success of his administration on regrowing Detroit's population upon taking office amid the city's bankruptcy. "It's been happening," Duggan said. "We've had more than 10,000 vacant houses in neighborhoods get renovated and moving in families.

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.

Why would anyone want to live in Detroit? ›

Take Advantage of Affordable Living

If you've decided to move to Detroit, the biggest city in Michigan won't break the bank! This Midwestern city is budget-friendly—its below-average costs in utilities and healthcare help make Detroit's cost of living 16% lower than the national average.

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.

Detroit, MI

Detroit's vacancy rate is 21.9%. The city's population diminished by 6.0% over five years, with 68,048 housing units vacant in 2022. However, the city had approximately 31,000 more vacant housing units at the start of that five-year period compared to 2022.