$40,000 House For Sale
3 bed, 2.0 bath, 1,266 sqft
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 city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more
The median home value in Detroit is $41,700. Detroit home values have gone up 4.8% over the past year and Zillow predicts they will rise 0.0% within the next year. The median list price per square foot in Detroit is $11, which is lower than the Detroit Metro average of $104. The median price of homes currently listed in Detroit is $12,500 while the median price of homes that sold is $29,500. The median rent price in Detroit is $750, which is lower than the Detroit Metro 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 is 9.9%, which is higher than the national value of 6.9%. 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 homeowners underwater on their mortgage is 41.7%, which is higher than Detroit Metro at 23.2%.more
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.