Detroit Housing Market: Trends & Prices (2025)
Detroit Real Estate Market Overview
(Last Updated – 4/2025)
Detroit is a vibrant city known for its rich cultural history, thriving arts scene, and automotive legacy. It offers affordable housing, a growing job market, and a strong sense of community. Revitalized neighborhoods like Downtown and Palmer Park blend history and charm with modern amenities, while the city’s many green spaces and riverfront views provide natural beauty.
Detroit is also home to world-class museums, diverse food options, and passionate sports fans. For those looking for opportunity, creativity, and a city on the rise, this metro area can be an appealing place to set down roots. Read on for a closer look at the Detroit real estate market, including housing costs, trends, and popular neighborhoods.
Overall Detroit Market Trends
Detroit house hunters are in luck, because the Detroit real estate market is only somewhat competitive. According to Redfin, homes in Detroit typically receive two offers, sell for about 5% below their list price, and sit on the market for around 65 days before selling.
$87,500
Median Home Price
$78
Median Price Per Square Foot
65 days
Median Days on Market
Detroit Housing Market Forecast
Though housing sales fluctuate seasonally, you can see from the chart below that Detroit home prices have increased dramatically over the last five years. Nevertheless, there is good news for buyers: Growth has slowed in recent years, and home prices are currently below their 2022 highs.
Looking ahead, real estate agents are expecting slow to moderate growth in the Detroit housing market, with prices rising about 3% to 4% overall in 2025.
Demographics of the Detroit Market
According to the most recent census data, the median household income in Detroit is $39,575, which is significantly lower than the national median household income of $78,538.
However, the demographics of the city are slowly evolving. Though poverty is still an issue in Detroit, a growing number of young professionals are moving into the city’s center, drawn by low-cost housing and unique neighborhoods.
Detroit also offers a growing mix of employment opportunities. While General Motors and Fiat Chrysler are still among the area’s top employers, more recent job growth has occurred outside the auto industry. Workers can find opportunities in manufacturing, professional/business services, education, construction, health services, and other sectors. The local and federal government, along with the public school system, also offer a large number of jobs in the Detroit metro area.
Median Household Income: $39,575
Median Age: 35.2/span>
College Educated: 48.7%
Homeowners: 54%
Married: 25%
Popular Detroit Neighborhoods
The main Detroit areas are known as “districts,” and there are seven of them. However, there are almost 300 neighborhoods in the city of Detroit, giving homebuyers 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 myriad entertainment options.
This neighborhood is especially convenient for those who work Downtown but don’t want to commute, with numerous work opportunities just a quick walk away.
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Quick Facts
Population:
10,178
Median Age:
34
Housing Units:
6,917
Bike Score:
58/100
Walk Score:
73/100
Transit Score:
51/100
Median Household Income:
$73,198
Downtown Housing Market
The housing market in Downtown Detroit is not very competitive, according to Redfin. In February 2025, the median home sale price was $340,000, up 0.7% over the prior year. However, homes are moving faster than they were a year ago. The average home spends 39 days on the market before selling, compared to 161 days the prior year. Downtown homes typically sell for about 4% below list price, and multiple offers are not common, which means buyers generally don’t have to worry about bidding wars.
Median Home Price
$360,000
Median Price Per Square Ft.
$263
Gold Coast
The Gold Coast neighborhood has a 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.
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Quick Facts
Population:
2,874
Median Age:
52.6
Housing Units:
N/A
Bike Score:
70/100
Walk Score:
63/100
Transit Score:
36/100
Median Household Income:
$35,897
Gold Coast Housing Market
Gold Coast home values are up slightly year over year. In February 2025, the median home price was around $99,000, a 7.5% increase over February 2024. Though the market is still not considered very competitive, properties are starting to move more quickly. Today, the average Gold Coast home sells after 71 days on the market, compared to 119 days a year ago. Even so, multiple offers are rare and homes tend to sell for about 7% below their list price, so snagging a deal may very well be possible in this neighborhood.
Median Home Price
$98,900
Median Price Per Square Ft.
$75
Boston-Edison
The Boston-Edison neighborhood is a historical gem located just a few miles north of Downtown. The area is well-known for its beautifully preserved homes, including Craftsman bungalows, Tudor Revivals, and Colonial Revivals, many of which date back to the early 20th century. This neighborhood’s tree-lined streets and well-maintained parks provide a serene and welcoming environment, attracting both long-time residents and newcomers who appreciate its historical significance and community spirit.
Quick Facts
Population:
2,075
Median Age:
39
Housing Units:
1,208
Bike Score:
45/100
Walk Score:
44/100
Transit Score:
48/100
Median Household Income:
$80,781
Boston-Edison Housing Market
Homes in this neighborhood cost significantly more than the average for Detroit. The median home sale price in February 2025 was $315,000. However, the housing market in this area is not very competitive, according to Redfin. On average, Boston-Edison homes sit for 100 days before selling, and generally go for about 4% below list price. Multiple offers are not common.
Median Home Price
$315,000
Median Price Per Square Ft.
$166
Rosedale Park
This officially designated historical district was founded in 1916 and is bordered by Grand River on the north. Classic tree-lined streets and beautiful historical 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:
11,585
Median Age:
36
Housing Units:
5,222
Bike Score:
42/100
Walk Score:
49/100
Transit Score:
37/100
Median Household Income:
$54,991
Rosedale Park Housing Market
The Rosedale Park housing market is considered to be somewhat competitive, as some homes in the area receive multiple offers. However, prices are starting to soften, which means buyers may be able to find some good deals. In February 2025, the median sale price was $163,000, down around 21% from the prior year. The average home sits on the market for 51 days before selling, and generally goes for around asking price.
If you have your eye on a particularly desirable home in Rosedale Park, though, you may need to pay over ask and move fast — “hot” homes tend to sell for 3% above list price and get sold within 12 days of coming on the market.
Median Home Price
$163,000
Median Price Per Square Ft.
$157
Palmer Park
For those looking to call Palmer Park home, there are almost 300 acres worth of lawns, historical 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 historical 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:
13,493
Median Age:
40
Housing Units:
6,565
Bike Score:
46/100
Walk Score:
47/100
Transit Score:
38/100
Median Household Income:
$62,546
Palmer Park Housing Market
The housing market in Palmer Park is considered somewhat competitive, according to Redfin. In February 2025, the median home sale price was $360,000, down nearly 36% from the year before. On average, Palmer Park homes go for about 3% below list price and sit on the market for around 51 days before selling, allowing buyers to take their time when house hunting. That said, highly desirable homes in this area tend to go for list price and get snapped up within 10 days of coming on the market.
Median Home Price
$360,000
Median Price Per Square Ft.
$136
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.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Why is housing so cheap in Detroit?
Housing in Detroit is relatively cheap due to a combination of economic factors, including a history of industrial decline, population loss, and high vacancy rates. The city has faced significant challenges, leading to a surplus of properties and a depressed market. However, ongoing revitalization efforts have been driving up property values in a number of neighborhoods. Despite this, many parts of the city still offer affordable housing options, making it an attractive destination for investors and first-time homebuyers.
Is Detroit a buyer’s market?
Detroit is generally considered a buyer’s market, especially in certain neighborhoods. The abundance of available properties and relatively low prices give buyers more negotiating power and a wider selection of homes. However, it’s important to note that some areas, particularly those undergoing revitalization, are becoming more competitive. Buyers should still be prepared to act quickly and have their finances ready to find the best deals and navigate the market effectively.
Can I buy a house in Detroit for $1000?
It may be possible to buy a house in Detroit for $1,000, but these homes are typically tax foreclosures or city-owned properties that have been vacant for years and in severe disrepair. While the initial price may be low, the total investment can be substantial once you factor in necessary renovations and repairs. Prospective buyers should carefully assess the condition of the property and consider the long-term costs and potential returns before making a purchase.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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