Detroit, MI has a median house value of $71,600 which is significantly lower than the US median house value of $338,100. However, in the past year Detroit’s house prices have appreciated by a rate of 4.30%, which is still less than the national appreciation rate of 8.27%. Despite the lower housing values, Detroit’s houses are still seeing a steady increase in value over time, demonstrating that the city’s housing market remains viable and attractive to potential buyers and investors.
The median home cost in Detroit is $71,600. Home appreciation the last 10 years has been 130.9%. Home Appreciation in Detroit is up 9.7%.
Average Age of Homes
- The median age of Detroit real estate is 70 years old
The Rental Market in Detroit
- Renters make up 34.5% of the Detroit population
- 1.5% of houses and apartments in Detroit, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.