Detroit Housing Market: Trends & Prices

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    Detroit Real Estate Market Overview

    (Last Updated – 7/2023)

    Detroit is a city founded on innovation and is most famous for being the home of where Henry Ford rolled out his Model T for mass production. Today Detroit is known for being a widely diverse and bustling city. Fun fact. Detroit was ranked by U.S. News and World Report as the fifth best place to live in all of Michigan.

    Which may explain why Millennials are drawn to Detroit’s city center where there are low-cost housing options amongst distinct neighborhoods. Housing costs in Detroit were much lower than the national average in May 2023 ($75,000 in Detroit versus $396,100 nationally), but typically daily living expenses such as food and utilities are more on par with national averages.

    Residents may find their home and car insurance cost a little more than average, as the city has a reputation of struggling with crime.

    For families hoping for a snowy holiday season, Detroit will deliver. In winter, locals can enjoy heading to popular skiing spots slightly north of the metro area. Fall is a stunning time to live in Detroit once the tree-lined streets are illuminated by red, orange, and golden hued leaves.

    Keep reading to learn more about what it’s like to live in some of Detroit’s most popular neighborhoods, take a look at the Detroit real estate market, and learn some key facts about housing costs and demographics.


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    Detroit Housing Market Forecast

    For those wondering what the future of the Detroit housing market looks like, this housing forecast from the real estate pros at Zillow gives an idea of what housing prices could look like in the coming months.

    Detroit median home prices are on the rise. In the past year prices rose by 2.9%, and experts predict they could rise by 3.8% within the next year.

    Housing market forecast chart

    *Graph taken from Zillow as of 7/2023

    Demographics of the Detroit Market

    Before diving into the specific demographics of some of Detroit’s most popular neighborhoods, it can be helpful to take a look at some of the city’s overall demographics.

    Hopefully these handy demographics give a little preview of what it’s like to live in Detroit.

    Median Income: $34,762

    Median Age: 35

    College Educated: 16.2%

    Homeowners: 48.3%

    Married: 25%

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