In July, home prices rose slightly from the month before, with a median listing price of $109,200.
The number of listings on the market grew 4.1% from last month, which is typical for this time of the year in Detroit, and homes are also selling close to the same pace as the same time last year.
Home prices in Detroit
Typically, home price per square foot in Detroit tend to rise in July. And the most recent data shows that the price per square foot remained practically unchanged compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.9%, which means price changes in Motor City are outpacing the national market.
Detroit inventory
In July, there were 2,364 homes for sale in Detroit, which was 4.1% more than the month before and 9.9% more than the same time last year.
Meanwhile, active inventory across the nation rose by 1.9% from last month to 1,102,787.
The number of new listings in Detroit was 890, which was 8.3% more than the month before and 12.4% more than the same time last year.
Nationally, the number of new listings fell by 3.9% from last month to 434,816.
Time on market
Homes in Detroit take an average of 53 days to sell, according to July figures.
This is the same as the previous month and one day less than the same month last year.
For comparison, nationally homes spent an average of 58 days on the market in July.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Detroit, MI.