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Prototype · sample data

Prototype of a planned home-buying brokerage for the 50 largest U.S. cities. Not a licensed brokerage in any state, and no brokerage services are offered. Listings, people and companies are sample data; market statistics are real public data, cited where shown.

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Trends · Michigan

House prices and costs in Detroit, MI

How house prices moved across 27 Detroit ZIP codes, what buyers here borrowed and paid, what's new and how buying works in Michigan. Public data, with sources and dates. Past change, not a forecast.

Detroit-Dearborn-Livonia, MI house prices +4.7% in the year to 2026 Q2 (FHFA, purchases)

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.

How house prices moved in Detroit, 2022–2025

Of 17 ZIPs with enough data, 15 rose 7% or more, 0 fell 7% or more and 0 moved less (no clear change); 2 swung too much from year to year to rank. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Past change, not a forecast.

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. Tap a ZIP to see it on the map.

Largest house-price rises, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

  1. 1ZIP 482382023 +4.6% · 2024 +15.8% · 2025 +18.5%+43.5%
  2. 2ZIP 482052023 +16.3% · 2024 +8.8% · 2025 +6.7%+35.0%
  3. 3ZIP 482342023 +1.3% · 2024 +8.2% · 2025 +23.2%+35.0%
  4. 4ZIP 482282023 +12.5% · 2024 +4.8% · 2025 +11.0%+30.9%
  5. 5ZIP 482352023 +6.3% · 2024 +12.2% · 2025 +3.6%+23.6%

Largest house-price falls, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

No Detroit ZIP's house prices fell 7% or more from 2022 to 2025.

Lowest owner-reported values

Median value owners report (Census ACS 2020–2024). Left out: ZIPs under 1,000 residents, less reliable estimates, and ZIPs where most owners live in condos or co-ops.

  1. 1ZIP 48213± $9.8K · ≈ $544/mo housing payment (est.) on a house, 20% down$56K
  2. 2ZIP 48204± $4.8K · ≈ $569/mo housing payment (est.) on a house, 20% down$59K
  3. 3ZIP 48228± $2.9K · ≈ $571/mo housing payment (est.) on a house, 20% down$60K
  4. 4ZIP 48234± $3.7K · ≈ $585/mo housing payment (est.) on a house, 20% down$61K
  5. 5ZIP 48238± $5.9K · ≈ $614/mo housing payment (est.) on a house, 20% down$65K

Population grew most

Residents, 2015–2019 to 2020–2024 (Census ACS): only changes larger than the margin of error, in ZIPs with 1,000+ residents.

  1. 1ZIP 4821243,384 residents+13.7%

Public loan records · 2025

What buyers here actually borrowed and paid (2025)

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

Interest rate, 30-year fixed (conventional)
6.375% to 6.99%Middle half of loans; median 6.625% · 1,498 loans
Loan costs at closing
$3,203 to $4,942Middle half; median $3,985. Origination charges (points included) and settlement services, Closing Disclosure section D · 1,596 loans
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: every loan on the home (second loans, down-payment-assistance loans and financed FHA or VA fees too) ÷ 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.
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)

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. Source: 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).

Research · dated and sourced

What's new in Detroit

Rail openings, zoning changes and big projects from primary sources, newest first. Stars on the map mark the ones with a location. 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
  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

Metro area · public data

Detroit-Warren-Dearborn, MI

House prices, year to 2026 Q2
+4.7%FHFA purchase-only index for Detroit-Dearborn-Livonia, MI
House prices, 5 years to 2026 Q2
+39.0%FHFA purchase-only index for Detroit-Dearborn-Livonia, MI
House prices, 2025
+6.4%All sales and refinances, like the ZIP figures; 2022–2025: +20.2%
New homes permitted
1.8 per 1,000 residents7,769 homes · -13.1% vs a year earlier · Sep 2025–Aug 2026
Jobs, 12 months
-0.2%Aug 2026 (preliminary)
Population, July 2020 to July 2025
+0.1%4,390,913 residents in July 2025 (Census estimates)
Mortgage rate benchmark
7.03%Freddie Mac average, week of Sep 24, 2026

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. New homes permitted is a supply signal: more permits per resident usually means more homes coming to market. Jobs, permits and population cover the whole metro.

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 this home. Check the address on FEMA's flood map; in a high-risk flood zone, a federally backed loan requires flood insurance.

Sources (9)

Research summary · not legal advice

How buying works in Michigan

The usual steps, deadlines and closing costs for a purchase in Detroit, from state law, standard contract forms and local custom. Contracts can change any of it. Homiy is a prototype: it isn't a licensed brokerage in Michigan and offers no services here.

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

Programs and after you buy

Down-payment help
MI 10K DPA Loan (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 (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 (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 (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) (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.
Sources (10)

Methodology

How we measure, and what it isn't

Past change, not a forecast. These figures describe the past from public data; they don't tell you where prices go next.

House prices by ZIP, and the rankings

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. It's built from repeat sales and refinance appraisals of the same homes, not average sale prices, and FHFA publishes no margin of error for it. We rank ZIPs by the change over the last 3 years, only where FHFA published the index in every one of them, and only ZIPs with 5,000+ residents and 1,000+ owner-occupied homes. A change smaller than 7% either way is “no clear change”: in our 50 cities, the index's own year-to-year swings suggest sampling alone can move a three-year change about that much. A ZIP whose index rose 7% or more in one year and fell as much in another is left out as too jumpy. We show rises and falls, each year's change, and the city's and metro's figures for the same years. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Many ZIPs, especially dense ones, have no index.

City and metro price figures

City: the resident-weighted average of its ZIPs that have an index (the ZIP card says when that's only part of the city). Metro: FHFA's all-transactions index over the same calendar years, the ZIPs' method; the metro card also shows FHFA's purchase-only index for the latest quarter against a year and five years earlier. Where FHFA splits a metro into divisions (New York, Miami, Detroit and others), the division's index, named where it's shown. Jobs, permits and population always cover the whole metro.

Payment ÷ income

Monthly housing payment (est.) on a house at the ZIP's median value: 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments · 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. Property tax uses Detroit's rule for a new buyer (about 3.4% of the price a year, our planning figure); insurance is a typical premium. Not included: upkeep, utilities, flood insurance, special assessments. Divided by a month of the ZIP's median household income. The Census reports values over $2 million and incomes over $250,000 only as “or more”, so those shares are bounds (“at least”, “at most”). Left out where 50% or more of owner-occupied homes are in buildings with 5+ units: their HOA dues or co-op charges aren't in the payment. It combines two estimates, so no margin is computed. 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.

Census figures and margins of error

American Community Survey 5-year estimates, 2020–2024: the median value owners report for their homes (it lags sale prices; co-op owners report the value of their shares), median rent with utilities, median household income, residents, and the property tax and monthly costs owners report. Each comes with its 90% margin of error (±). Figures whose margin is 20–49% of the estimate are marked “less reliable” and left out of rankings and tags; figures with wider margins aren't shown. A population change (from 2015–2019) is shown only when it passes the Census Bureau's 90% significance test; otherwise it says “no clear change”. Detroit's own figures come from the Census's estimates for the city itself where published; otherwise they blend its ZIPs (no margin computed). Lists leave out ZIPs with fewer than 1,000 residents.

Tags

Lower home values:
The median value owners report is in the lowest quarter of the city's ZIPs (Census ACS). Less reliable estimates and ZIPs where most owners live in condos or co-ops aren't compared.
Population grew:
Residents rose 5% or more between the two latest five-year Census surveys, by more than the margin of error.
Mostly condos or co-ops:
Half or more of owner-occupied homes are in buildings with 5 or more units. Values there leave out HOA dues and co-op charges, so they aren't ranked.
New rail nearby:
A rail station opened within about a mile in 2023–2026.

“New rail nearby” uses our dated news pins: a ZIP whose center is within 1,600 m of a station that opened, plus the ZIP the station sits in. No tag describes price momentum.

Hazards and flood insurance

FEMA's National Risk Index rates each county's expected yearly losses from each hazard against all U.S. counties; we show those Expected Annual Loss ratings for every county the city lies in, without FEMA's social-vulnerability adjustments. They describe counties, not homes. Flood insurance counts are policies and claims in the federal program (NFIP) only. Check an address's flood zone on FEMA's flood map.

What buyers borrowed and paid

Public HMDA loan records: home-purchase first liens on owner-occupied 1–4 unit homes in the city (the card names the area covered), with the number of loans behind each figure. Loans that closed, not offers or quotes.

Neutral by design

We describe prices, payments, population counts, construction and rail lines. We don't describe places by who lives there, schools or crime, and we don't call areas “up-and-coming”, “transitional” or “safe”. Choose where to live for your own reasons.

Sources and dates