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

$114,900

  • 7.6% 1-year change
  • 1.7% 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 $114,900. Detroit Metro home values have gone up 7.6% over the past year and Zillow predicts they will rise 1.7% within the next year. The median list price per square foot in Detroit Metro is $98, which is higher than the Michigan average of $91. The median price of homes currently listed in Detroit Metro is $137,500 while the median price of homes that sold is $156,925. The median rent price in Detroit Metro is $875, which is higher than the Michigan median of $850.

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 4.0%, which is lower than the national value of 6.4%. 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 22.0%, which is higher than Michigan at 21.0%.

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Relative ZHVI
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Detroit Metro Market Overview

Data through Jan 31, 2015
  • $114,900 ZHVI
  • 1.7% 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
    (Jan 31, 2016)
  • $137,500 Median listing price
  • $156,925 Median sale price
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Detroit Metro Market Health

Data through Jan 31, 2015
  • 7.3/10 Healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Dec 31, 2014)
  • 107 Average days on Zillow (Dec 31, 2014)
  • 22.0% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 4.0% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)
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Cities in Detroit Metro

Name Median ZHVI
Troy $259,100
Canton $214,900
Sterling Heights $162,900
Name Median ZHVI
Livonia $157,200
Clinton Township $136,600
Dearborn $109,000
Name Median ZHVI
Westland $97,800
Warren $94,700
Detroit $40,100

Listings & Sales

Data through Jan 31, 2015
  • $98 Median list price / sq ft
  • $106 Median sale price / sq ft
  • No data Listings with price cut
21.8%
Sold below listing
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Detroit Metro Rentals

Data through Jan 31, 2015
  • Zillow Rent Index

  • $1,096 Detroit Metro
    $998 Michigan
    $1,350 United States

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

  • 1.1 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $875 Rent list price
  • $0.88 Rent list price / sq ft
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