Detroit Housing Market: Trends & Prices
Detroit Real Estate Market Overview
(Last Updated – 10/2020)
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 third 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 are much lower than the national average ($156,508 in Detroit vs $213,127 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.
Overall Detroit Market Trends
Detroit house hunters are in luck, as the Detroit real estate market isn’t a super competitive one. That being said, homes in this area do sometimes receive multiple offers.
According to Redfin, homes in Detroit typically sell for about 6.4% below their list price and they sell in around 54 days on the market.
$55,000
Avg. Home Price
$44
Avg. Price Per Sq. Ft
54 days
Avg. Time on Market
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 7.7% and Zillow predicts they could rise by 0.8% within the next year.
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: $31,283
Median Age: 35
College Educated: 15%
Homeowners: 46.8%
Married: 26%
Popular Detroit Neighborhoods
The main Detroit areas are known as “districts” and there are seven of them, but there are over 200 neighborhoods in the city of Detroit. So to sum it up, homeowners have a lot of options regarding where to settle in the Detroit housing market.
Each neighborhood has unique benefits and local life worth learning more about. To help narrow down the options, we pulled together some fast facts about five of the most popular neighborhoods in Detroit.
Downtown
Previously known for being Detroit’s Central Business District, the Downtown neighborhood is quickly becoming a desirable neighborhood for living. Residents can take advantage of modern high-rise and loft living in a walkable neighborhood that has access to lovely parks, great restaurants, and exciting entertainment options.
This neighborhood is especially convenient for those who work Downtown, but don’t want to commute, as tons of great career opportunities are just a quick walk away.
Quick Facts
Population:
10,192
Median Age:
35
Housing Units:
6,908
Bike Score:
73
Walk Score:
77
Transit Score:
56
Average Household Income:
$56,114
Downtown Housing Market
In this somewhat competitive housing market, some homes receive multiple offers with homes typically selling for 4% below their list price. On average, homes in the area sell in around 39 days.
Average Home Price
$350,000
Average Price Per Sqare Ft.
$286
Gold Coast
The Gold Coast neighborhood has a rather dense urban feel about it, but there are plenty of parks that provide lush, green space.
There’s room for everyone in Gold Coast, from young professionals to retirees. Locals consider this area to be fairly diverse, they find commuting to be very doable, and they enjoy the fun outdoor activities they can take advantage of.
Quick Facts
Population:
7,933
Median Age:
60.2
Housing Units:
5,426
Bike Score:
65
Walk Score:
60
Transit Score:
39
Average Household Income:
$77,592
Gold Coast Housing Market
While some homes for sale in this area receive multiple offers, it takes around 37 days for homes to sell.
On average, Gold Coast homes sell for about 4.6% below their list price, so snagging a deal may be possible in this neighborhood!
Average Home Price
$70,000
Average Price Per Square Ft.
$100
Finney
Almost 42,000 people call the great neighborhood of Finney home, the majority of whom are white collar workers.
While there are over 14,000 households in this area, about 5,500 have children living in them, making this neighborhood a great option for families, working professionals, and singles alike.
Quick Facts
Population:
41,973
Median Age:
31.2
Housing Units:
19,555
Bike Score:
57
Walk Score:
59
Transit Score:
38
Average Household Income:
$43,453
Finney Housing Market
Potential homeowners interested in the Finney housing market are in luck, as this neighborhood is not considered to have very competitive home prices.
It’s rather rare for a home on the market to receive multiple offers and when homes do sell, they typically sell for 7.6% below their list price after spending around 69 days on the market.
Average Home Price
$78,060
Average Price Per Square Ft.
$55
Rosedale Park
This officially designated historic district was founded in 1916 and is bordered by Grand River on the north. Classic tree-lined streets and beautiful historic architecture lend this neighborhood a charming feel.
As the name implies, Rosedale Park is not short on amazing parks. Both Stoepel Park #1 and Rosemont Acacia Park are in this pretty neighborhood. Families enjoy watching Little League games and there are a wide array of shopping and dining options in the area.
Quick Facts
Population:
11,704
Median Age:
38
Housing Units:
5,800
Bike Score:
46
Walk Score:
48
Transit Score:
39
Average Household Income:
$45,964
Rosedale Park Housing Market
The Rosedale Park housing market is considered to be somewhat competitive as some homes in the area receive multiple offers.
Home buyers can look for deals, as homes in this neighborhood sell for around 4.3% below their list price. That being said, Rosedale Park homes sell rather quickly in about 17.5 days.
Average Home Price
$154,000
Average Price Per Square Ft.
$98
Palmer Park
For those looking to call Palmer Park home, there are almost 300 acres worth of lawns, historic woodlands, athletic courts, and biking and hiking trails to enjoy.
This scenic neighborhood offers views of Lake Frances and its lighthouse, as well as an historic log cabin. Nature lovers should keep an eye out for the oak trees in the area that are over 350 years old.
Quick Facts
Population:
13,936
Median Age:
39
Housing Units:
7,360
Bike Score:
49
Walk Score:
51
Transit Score:
41
Average Household Income:
$47,431
Palmer Park Housing Market
While homes generally sell for 6.7% above their list price, homes in this area on average only cost $10,000 making this an ideal spot for fixer uppers.
Homes typically sell after 79 days on the market, allowing many home buyers to take their time during the house hunting process.
Average Home Price
$10,000
Average Price Per Square Ft.
$16
SoFi Home Loans
It’s easy to see why Detroit has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Detroit could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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