There are currently 231,963 real estate properties in Detroit, MI, with a median automated valuation model (AVM) price of $52,600.00. 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 $72,276.00, with the most expensive house in Detroit, MI, topping out at $4,643,700.00 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 $1,308.00. Indeed, when looking to rent in Detroit, MI, you can expect to pay as little as $580.00 or as much as $3,000.00, with the average rent median estimated to be $1,280.00. 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.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Detroit, MI area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Detroit, MI and much more. Save thousands at closing with home foreclosure listings in Detroit, MI — up to 75% off market value!
Detroit is located in Wayne, Michigan, with an estimated municipal population of 670,031 residents. All of the best foreclosed homes for sale in Detroit are located in the following zip code areas on Foreclosure.com: 48209 48208 48201 48207 48205 48204 48203 48206 48227 48238 48239 48234 48235 48233 48202 48243 48214 48215 48216 48217 48210 48211 48212 48213 48219 48228 48224 48226 48221 48223 48231 48232 48244 48255 48260 48264 48266 48267 48268 48269 48272 48275 48277 48278 48279 48288. The estimated population per square kilometer (.62 miles) in Detroit is 1,864.
So, about how much do homes cost in Detroit? The most recent median value of resident-owned homes in Detroit is 50,327. An estimated 47.2 percent of households in Detroit own their homes, with an average family size of 3.52. The median household income in Detroit is 30,894, with8.8 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Detroit, the median commute time of resident workers (in minutes) is 25.9. And last, but certainly not least, are you looking for homes to rent in Detroit? If so, the average rent price paid by renters in Detroit is 824, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Detroit, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Detroit is 34.7, split between 47.4 percent male versus 52.6 female. The percentage of residents who report being married in Detroit is 22.4, with an average family size of 3.52.
The percentage of residents who report their race in Detroit is as follows:
|Black / African American||78.3%|
|American Indian / Alaskan Native||0.4%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Detroit? Or maybe you are searching for 55+ active adult communities in and/or near Detroit?
The percentage of residents who report their age in Detroit is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Detroit with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Detroit.
How do you know that living in -- or moving to -- Detroit is right where you need to be? Perhaps you grew up in Detroit or already live nearby; therefore, the decision to buy a home in Detroit is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Detroit for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Detroit:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Detroit.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Detroit can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Detroit, meanwhile, can field multiple offers from more qualified buyers.