There are currently 239,951 real estate properties in Detroit, MI, with a median automated valuation model (AVM) price of $68,052.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Detroit, MI, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Detroit, MI, is $95,773.00, with the most expensive house in Detroit, MI, topping out at $7,241,500.00 and the cheapest home in Detroit, MI, clocking in at $10,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Detroit, MI!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Detroit, MI, is on a rollercoaster ride. The average rent price in Detroit, MI, is $1,316.00. Indeed, when looking to rent in Detroit, MI, you can expect to pay as little as $540.00 or as much as $3,000.00, with the average rent median estimated to be $1,290.00. The good news is that finding an affordable and desirable property to rent in Detroit, MI -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
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