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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Detroit, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Detroit, MI Housing Market Trends

With 620,376 people, 250,096 houses or apartments, and a median cost of homes of $81,785, house prices in Detroit are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Detroit, accounting for 65.58% of the city's housing units. Other types of housing that are prevalent in Detroit include large apartment complexes or high rise apartments ( 18.45%), duplexes, homes converted to apartments or other small apartment buildings ( 8.79%), and a few row houses and other attached homes ( 6.73%).

The most prevalent building size and type in Detroit are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.39% owning and 52.61% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Detroit's housing was primarily built during this period, from the '40s through the '60s. A full 51.72% of the city's housing hails from this era. Other housing ages represented in Detroit include homes built before 1939 ( 33.95%) and housing constructed between 1970-1999 ( 10.32%). There's also some housing in Detroit built between 2000 and later ( 4.01%).

Vacant housing appears to be an issue in Detroit. Fully 23.66% of the housing stock is classified as vacant. Left unchecked, vacant Detroit homes and apartments can be a drag on the real estate market, holding Detroit real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Detroit Home Appreciation Rates

Real estate appreciation rates in Detroit's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.06% during the period.

Over the last year, Detroit appreciation rates have trailed the rest of the nation. In the last twelve months, Detroit's appreciation rate has been -3.61%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Detroit were at 4.69%, which equates to an annual appreciation rate of 20.12%.

Importantly, this makes Detroit one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Detroit's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Detroit differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Detroit - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Detroit real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$81,785

Detroit, MI Home Prices
> $1,392,000
$1,044,001 - $1,392,000
$696,001 - $1,044,000
$557,001 - $696,000
$418,001 - $557,000
$278,001 - $418,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
0.4%
0.4%
0.5%
0.5%
1.1%
1.1%
1.1%
1.1%
2.7%
2.7%
5.7%
5.7%
14.2%
14.2%
30.7%
30.7%
43.6%
43.6%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

250,096

Detroit Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,635 / per month

Homeownership Rate

Owners
Renters
Vacant
47.4%
47.4%
52.6%
52.6%
23.7%
23.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.0%
4.0%
10.3%
10.3%
51.7%
51.7%
33.9%
33.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.6%
65.6%
6.7%
6.7%
8.8%
8.8%
18.4%
18.4%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.0%
3.0%
13.1%
13.1%
25.9%
25.9%
43.9%
43.9%
10.9%
10.9%
3.2%
3.2%
0% 100.0%
% of Homes