Detroit Real Estate Market: August 2024 Stats and Trends

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Detroit, MI, is certainly worth considering.

Located in the southeast corner of the state, the city of Detroit runs along Lake St Clair and the Detroit river, giving its residents ample access to waterfront properties and parks. While the city is renowned for its famous NFL team, The Detroit Lions, Detroit is known for more than just its connection to sports culture. 

Affectionately named Motor City, Detroit was once home to much of the American auto industry. It was also home of Motown records, and the city's musical roots can still be felt today through its vibrant nightlife and live music scene. 

But what about the Detroit real estate market in August 2024? What do stats and trends look like contemporarily? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for the Detroit real estate market (August 2024):

Detroit General Statistics

• Population (city proper): 631,524 (down .2% since 2021)

• Population (metro area): 4,345,761

• Area (city proper): 138.7 sq. mi. 

• Area (metro area): 3,892.3 sq. mi.

• Median Age: 35.3 

• GDP (metro area): $305 Billion 

• Unemployment rate (metro area): 6.4% (up 2.1% since May 20204)

• Top employers: Ally Financial, Walbridge, DTE Energy, Dykema, Strategic Staffing Solutions, Blue Cross Blue Shield of Michigan, Dickinson Wright, Real Estate One, Inc., Karmanos Cancer Institute, Demand Detroit. 

• Highest paying jobs: Anesthesiologist, Neurosurgeon, Practicing MD Anesthesiologist, Pulmonologist, Radiologist, Hematologist, Oncologist, Urologist, Neonatologist, Staff Anesthesiologist,  

• Median income (per capita): $22,097

• Median income (household): $36,453

Detroit Real Estate Market (August 2024) Statistics

• Neighborhoods: 274

• Homes for sale as of August 2024: 3,762 

• Median list price: $99K (up 14% since January 2024)

• Median sold price: $90.8K (up 13% since January 2024)

• Sale-to-list price ratio: 93.67%

• Median price per square foot: $85 

• Median days on market: 50 (down 5% since January 2024)

• Rental vacancy rate: 5.7%

• Homeowner vacancy rate: 12%

• One-year appreciation rate: +8.2%

• Average rent: $1,212 

• Price-to-rent ratio: 5,82

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Detroit Real Estate Market (August 2024) Trends

The Detroit real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Detroit real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Detroit home or one hundred, you don’t have to go it alone. 

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:

• Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more. 

• Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.

• Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.