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Detroit market pulse

Real public data for Detroit's ZIP codes, updated as the agencies publish.

Metro prices

+107%

in 10 years · Detroit metro · 2016 Q2–2026 Q2

KnownSource: FHFA House Price Index, purchase-only, not seasonally adjusted, quarterly: Detroit-Dearborn-Livonia, MI (MSAD) (metropolitan division 19804), 2000 Q1–2026 Q2 (opens in a new tab)

Past change, not a forecast.

Data table
Detroit-Dearborn-Livonia, MI metro: FHFA house price index, 2016 Q2 to 2026 Q2
QuarterIndexChange since 2016 Q2
2016 Q2176.9—
2016 Q3181.0+2.3%
2016 Q4179.8+1.6%
2017 Q1179.7+1.6%
2017 Q2189.1+6.9%
2017 Q3193.5+9.4%
2017 Q4192.7+8.9%
2018 Q1195.6+11%
2018 Q2205.9+16%
2018 Q3207.8+17%
2018 Q4205.0+16%
2019 Q1205.5+16%
2019 Q2218.6+24%
2019 Q3217.8+23%
2019 Q4215.8+22%
2020 Q1220.0+24%
2020 Q2223.9+27%
2020 Q3236.3+34%
2020 Q4240.5+36%
2021 Q1251.2+42%
2021 Q2262.8+49%
2021 Q3269.9+53%
2021 Q4269.9+53%
2022 Q1281.7+59%
2022 Q2298.0+68%
2022 Q3292.2+65%
2022 Q4287.5+63%
2023 Q1291.2+65%
2023 Q2309.2+75%
2023 Q3313.3+77%
2023 Q4312.7+77%
2024 Q1312.6+77%
2024 Q2333.7+89%
2024 Q3338.2+91%
2024 Q4329.3+86%
2025 Q1342.5+94%
2025 Q2348.8+97%
2025 Q3348.7+97%
2025 Q4352.8+99%
2026 Q1353.8+100%
2026 Q2365.3+107%

Each index has its own base, so compare its changes, not its level.

Details

FHFA's purchase-only index for Detroit-Dearborn-Livonia, MI: repeat sales of the same houses, from mortgages Fannie Mae and Freddie Mac purchased or securitized. It isn't seasonally adjusted, so each span starts in the quarter it ends.

ZIP by ZIP

+138%

The median ZIP's house price index, 2015–2025. 15 ZIPs, from +37% to +228%.

KnownSource: FHFA House Price Index, five-digit ZIP codes, annual (developmental, all-transactions), 2000–2025 (updated 2026-03-31) (opens in a new tab)

One-year ZIP changes are noisy: of last year's top-3 ZIPs in our 50 cities, 1 in 15 was top 3 again. Past change, not a forecast.

Loading the ZIP figures…
About these figures

FHFA's experimental ZIP house price index: houses with Fannie Mae or Freddie Mac loans, from sales and refinance appraisals. Condos, co-ops and multi-unit buildings aren't in it. 22 of Detroit's 27 ZIPs have an index; FHFA publishes one only where enough sales exist. A ZIP whose index stops before the latest year shows the year it ends instead of changes. Each index has its own base, so compare a ZIP's changes, not its level.

Rent or buy here

EstimateMonthly housing payment (est.): 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments of $667 · APR not calculated (it depends on the lender's fees) · includes principal and interest, property tax, home insurance and any HOA dues, plus mortgage insurance below 20% down.7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.Source: Freddie Mac Primary Mortgage Market Survey · Sep 24, 2026 (opens in a new tab)$420

a month less to own a typical sample home than HUD's rent for its size, ZIP 48223

EstimateSource: U.S. Department of Housing and Urban Development, Small Area Fair Market Rents by ZIP code, FY2027, FY2027 (from Oct 1, 2026) (opens in a new tab)
Own: 3-bedroom sample house, $124,900Sample: fictional home, for the demo.
EstimateMonthly housing payment (est.): 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments of $667 · APR not calculated (it depends on the lender's fees) · includes principal and interest, property tax, home insurance and any HOA dues, plus mortgage insurance below 20% down.7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.Source: Freddie Mac Primary Mortgage Market Survey · Sep 24, 2026 (opens in a new tab)$1,110 a monthNot included: upkeep, utilities, flood insurance, special assessments.
Rent: HUD fair market rent, 3 bedrooms
$1,530 a monthHUD Small Area Fair Market Rent, FY2027: a 40th-percentile rent for a standard home, utilities included. Not an asking rent.
See this sample home

Lending

6.625%

Median rate, 30-year fixed conventional · 1,498 loans · 2025

KnownSource: FFIEC Home Mortgage Disclosure Act (HMDA) data: 2025 Snapshot National Loan-Level Dataset (data as of June 1, 2026), via the CFPB HMDA Data Browser; Homiy's calculations, 2025 loans; retrieved 2026-09-27 (opens in a new tab)

2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in Detroit's census tracts: 2,815 loans. Loans that closed, not offers: a rate depends on your credit, down payment, points and the day you lock it.

Middle half of rates
6.375% to 6.99%
Loan costs at closing
$3,985 medianMiddle half $3,203 to $4,942: origination charges (points included) and settlement services, Closing Disclosure section D · 1,596 loans
Loan limits, 2026
$832,750 conformingAbove it, a jumbo loan with its own rates and rules; FHA limit $541,287 (one-unit home, Wayne County). Limits set by FHFA and HUD.
More lending figures
Borrowed, every loan on the home combined
96.5% of the value (median)Middle half 94.9% to 97.9%. 88.2% of buyers borrowed more than 80% of the value, 78.5% more than 90%, 62.6% more than 95%. HMDA's combined loan-to-value counts every loan on the home (second loans, down-payment-assistance loans, financed FHA or VA fees) against the value the lender used, so it doesn't show the cash buyers put down · 2,728 loans
Loan types
Conventional 58.7% · FHA 36.5%VA 4.9% · USDA 0%
Discount points
46.4% of loans paid pointsMedian paid: $1,134. Points buy a lower rate.

For comparison: 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.

Flood and insurance

$2,337 a year

Median of 26 Detroit ZIPs' average homeowners premiums, 2022. Premiums have risen since; get quotes for your address.

KnownSource: U.S. Treasury, Federal Insurance Office: Analyses of U.S. Homeowners Insurance Markets, 2018–2022, Supporting Underlying Metrics by ZIP code (premiums per policy, nonrenewal rate), 2018–2022 (published January 2025) (opens in a new tab)
Federal flood insurance
798 policies in force · 450 claims since 2000FEMA National Flood Insurance Program, summed over 27 ZIPs (policies in force Jun 30, 2026; claims since 2000). Private flood policies aren't counted.
Policies insurers didn't renew
2.2% in the median ZIPU.S. Treasury Federal Insurance Office, 2022.

Most homeowners policies exclude flood, so flood insurance is a separate policy. Source: FEMA FloodSmart: What is my flood risk?, retrieved 2026-10-09 (opens in a new tab) Check an address on FEMA's flood map (opens in a new tab)

County hazard ratings (FEMA)

Natural hazards, compared with other U.S. counties

  • Wayne County, MI: expected yearly losses rated very high for tornado; expected yearly losses rated relatively high for inland flooding, heat wave, winter weather.
    Other ratings for Wayne County, MI
    • EarthquakeRelatively Moderate
    • WildfireVery Low
    • HurricaneVery Low
    • Coastal floodingRelatively Low
    • HailRelatively Low

FEMA National Risk Index December 2025: Expected Annual Loss rating of each hazard, by county (NRI December 2025): expected annual losses to buildings, people and agriculture; FEMA's social-vulnerability adjustments aren't included. This describes each county, not one home. Check an address on FEMA's flood map; in a high-risk flood zone, a federally backed loan requires flood insurance.

What's new in Detroit

Rail openings, zoning changes and big projects from primary sources, newest first. News, not a price forecast.

  1. Project

    Another Joe Louis Greenway segment opens

    The city opened the Joy Road-to-Intervale Street segment, extending the public walking/cycling connection. No housing appreciation forecast is attached.

    City of Detroit, new Joe Louis Greenway segment (opens in a new tab)
  2. Project

    Ralph C. Wilson Jr. Centennial Park opens

    The new public riverfront park and connecting Riverwalk segment open on the west riverfront. The operator confirms the opening month.

    Detroit Riverfront Conservancy, Ralph C. Wilson Jr. Centennial Park (opens in a new tab)

Rules in Michigan

From state law, standard contract forms and local custom. Research, not legal advice.

ClosingRule
A title company runs the closing and holds the money.
Seller's disclosureRule
Michigan Seller's Disclosure Statement You may cancel within 3 days in some cases: Disclosure/amendment after binding agreement: 72 HOURS after personal delivery, or 120 HOURS after registered-mail delivery. Written termination required; right expires when property transfers by deed/installment contract..
Closing taxesRule
Michigan state real estate transfer tax: 0.75% of the price above $100 · seller paysWayne County real estate transfer tax: 0.11% of the price above $100 · seller pays
How buying works in Michigan
Who runs the closing
A title company runs the closing and holds the money. Typical time from contract to keys: about 35 days.
The contract
Your signed offer becomes a binding contract once the seller accepts it.
Details

Michigan REALTORS / Greater Metropolitan Association of REALTORS residential purchase agreement

Buyer agreement
Michigan written buyer agency agreement and agency disclosure, signed before touring.
Details

Homiy's prototype requires a written agreement before a represented tour. NAR's rule binds participating MLS brokers; do not describe it as a universal state law. Compensation is negotiable and total brokerage pay cannot exceed the agreement.

Source: NAR: written buyer agreements before touring (MLS participation rule, not a universal state statute) (reviewed 2026-09-27)

Inspection
About 10 days for inspections.
Details

Inspection and financing protections depend on the purchase agreement. 10 calendar days is a negotiable sample planning period, not a statutory deadline.

Earnest money
1–3% of the price, due within 2 business days, held by: Named broker custodial trust account or title escrow.
Details

1–3% and buyer delivery within 2 business days are sample terms. Separately, MCL339.2512 requires broker-held funds to be deposited/delivered to named escrowee within 2 BANKING days of notice of acceptance; banking days are not necessarily contract business days.

Seller's disclosure
Michigan Seller's Disclosure Statement You may cancel within 3 days in some cases: Disclosure/amendment after binding agreement: 72 HOURS after personal delivery, or 120 HOURS after registered-mail delivery. Written termination required; right expires when property transfers by deed/installment contract..
Details

The 3-day value encodes only the personal-delivery case; track actual hours and delivery method, not midnight/business-day rounding. Statutory transfer exemptions apply.

Source: Michigan MCL §565.954: 72-hour/120-hour disclosure cancellation (reviewed 2026-09-27)

Loan and appraisal
Loan contingency: 21 days (set in the contract).
Details

21-day financing period and the typical closing time are sample planning assumptions, not measured averages or legal rights. Financing and appraisal protection require the signed form/addenda; an appraisal shortfall is not automatically protected.

Title insurance
The seller customarily pays for the owner's policy.
Details

Payer is a negotiable local custom, not a mandatory charge; obtain a title quote and follow the signed allocation. Filed insurer/rating-bureau rates are not a state-promulgated price.

Property tax for a new owner
The seller's caps and exemptions end with the sale; your assessment starts over at market value. About 3.4% of the price a year is our planning figure for Detroit; your bill can differ.
Details

Taxable value normally uncaps to state equalized value in the year after a taxable transfer, not to the seller's capped taxable value. SEV targets 50% of true cash value, which is not automatically the sale price. Qualifying principal residence exemption removes up to 18 school operating mills; file transfer affidavit and PRE separately. Special assessments are additional.

LOW-CONFIDENCE HISTORICAL proxy, not a verified2026 rate: Detroit's2023 official land-value-tax explanatory plan describes roughly67 homeowner mills;67 ×50% SEV ratio ÷10 =3.35% of market value after transfer uncapping. This is NOT adoption of that proposed land-value-tax plan. Current2025 Treasury rate PDF was inaccessible (403), so verify actual district/PRE millage before quoting. Do not copy seller's capped taxable value; PRE qualification, special assessments and actual SEV control. HOA range and lender-title percentage are SAMPLE inputs.

Agent credits to the buyer
Michigan allows an agent to credit part of their pay to the buyer, with the lender's approval.
Details

Low-confidence consumer-rebate interpretation: MCL339.2512(h) restricts sharing commissions with unlicensed people; it is not affirmative permission for this model. Transaction-party fee concessions are commonly distinguished from pay for brokerage, but obtain Michigan counsel/lender approval before using any credit; no cash-back promise.

Source: Michigan MCL §339.2512: compensation and trust accounts (reviewed 2026-09-27)

Closing taxes

Closing taxes in Detroit, who customarily pays and the rate
TaxCustomarily paid byRate
Michigan state real estate transfer taxSeller0.75% of the price above $100Michigan MCL §207.525: state real estate transfer tax
Wayne County real estate transfer taxSeller0.11% of the price above $100Michigan MCL §207.504: county real estate transfer tax
Sources (10)

Programs and deadlines

Official pages for Detroit, the same for every buyer. Each program decides who qualifies.

Down-payment help
MI 10K DPA Loan (opens in a new tab) (Michigan State Housing Development Authority (MSHDA))Up to $10,000 toward the down payment, closing costs and prepaid expenses, as an interest-free loan with no monthly payments, with a MSHDA MI Home Loan.Official page, checked 2026-09-28.Michigan's housing finance agency runs it; the program decides who qualifies and for how much.
Down-payment help in Detroit
Detroit Down Payment Assistance Program (opens in a new tab) (City of Detroit Housing and Revitalization Department)Grants of up to $25,000 for the down payment and prepaid costs for qualifying households.Official page, checked 2026-09-28.
Homestead exemption
Principal Residence Exemption: Claim Requirement (opens in a new tab) (Michigan Department of Treasury)File a Principal Residence Exemption Affidavit (Form 2368) with the assessor for your city or township; filed by June 1 it counts from that year's summer levy, by November 1 from the winter levy.Deadline: June 1 or November 1Official page, checked 2026-09-28.
If you disagree with your assessment
Property Assessment Appeal Information (opens in a new tab) (City of Detroit Office of the Assessor)Appeals start at the Assessor's Review each February; valuation appeals then go to the Board of Review, which hears them in March.When: February (February 1–22 in 2026)Official page, checked 2026-09-28.
After you buy: alerts on your deed
Mortgage & Deed Fraud Unit (Property Alert) (opens in a new tab) (Wayne County Register of Deeds)The Register of Deeds' fraud unit, with its Property Alert sign-up and a complaint form.Official page, checked 2026-09-28.

Sample homes in Detroit, each with its estimated monthly cost and the things to check. Found one somewhere else? Check it here.

Search DetroitCheck a home
Sources (32)