Home Values

Detroit Metro Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$115,300

  • 5.4% 1-year change
  • 3.2% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Cool

Buyers' Market
Sellers' Market

The median home value in Detroit Metro is $115,300. Detroit Metro home values have gone up 5.4% over the past year and Zillow predicts they will rise 3.2% within the next year. The median list price per square foot in Detroit Metro is None. The median rent price in Detroit Metro is $945, which is higher than the Michigan median of $925.

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Detroit Metro is 3.8%, which is lower than the national value of 6.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Detroit Metro homeowners underwater on their mortgage is 19.4%, which is higher than Michigan at 18.4%.

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Relative ZHVI
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Detroit Metro Market Overview

Data through May 31, 2015
  • $115,300 ZHVI
  • 3.2% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (May 31, 2016)
  • No data Median listing price
  • $174,588 Median sale price
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Detroit Metro Market Health

Data through May 31, 2015
  • No recent data Less healthy
  • 110 Average days on Zillow (Apr 30, 2015)
  • 19.4% Homes with negative equity (15.4% US Avg) (Mar 31, 2015)
  • 3.8% Delinquent on mortgage (6.0% US Avg) (Mar 31, 2015)
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Cities in Detroit Metro

Name Median ZHVI
Troy $245,500
Canton $198,400
Sterling Heights $155,000
Name Median ZHVI
Livonia $149,500
Clinton Township $127,600
Dearborn $96,400
Name Median ZHVI
Westland $89,100
Warren $83,500
Detroit $40,600

Listings & Sales

Data through May 31, 2015
  • No recent data Median list price / sq ft
  • $111 Median sale price / sq ft
  • No data Listings with price cut
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Detroit Metro Rentals

Data through May 31, 2015
  • Zillow Rent Index

  • $1,123 Detroit Metro
    $1,024 Michigan
    $1,367 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.3 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Dec 31, 2014)
  • $945 Rent list price
  • $0.92 Rent list price / sq ft
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