The median value of housing in Detroit, MI (48204) is $49,600, significantly lower than the US house median value of $338,100. Over the past year, the US has seen an appreciation rate of 8.27%, while Detroit has seen a more modest appreciation rate of 4.30%. This slower rate of appreciation could be due to several factors including local economic conditions or Detroit's higher crime rates compared to other cities and states across the country. Though home values in Detroit remain lower than the national average, it appears that the city is seeing some positive growth within its housing market.
The median home cost in Detroit (zip 48204) is $49,600. Home appreciation the last 10 years has been 130.9%. Home Appreciation in Detroit (zip 48204) is up 9.7%.
Average Age of Homes
- The median age of Detroit (zip 48204) real estate is 76 years old
The Rental Market in Detroit (zip 48204)
- Renters make up 31.5% of the Detroit (zip 48204) population
- 0.7% of houses and apartments in Detroit (zip 48204), 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.