Detroit, MI 48202 Real Estate Market Report

ZIP Code: 48202
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Detroit, MI, are approximately 6.34%, reflecting a market where rates have fluctuated from highs above 7% earlier in 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market indicator, median sold price, is $234,000; compared with the median listing price of $263,450, this gap suggests seller expectations exceed recent sale realizations and may indicate pricing friction that could require seller concessions to reach contract.

2. Market liquidity appears slow: median days on market is 276, which points to prolonged time-to-contract and slower sales velocity that may pressure sellers to adjust pricing or marketing strategies.

3. Price momentum is up while market temperature is neutral, producing balanced conditions where modest upward price pressure coexists with elevated interest rate pressure at 6.34%; this combination suggests balanced but cautious near-term dynamics for both owner-occupiers and investors.

4. Rental fundamentals remain supportive with median market rent at $1,500, and the median price per square foot is $102; investors should underwrite using the stated rent level and price-per-square-foot metric while accounting for current interest rate pressure and observed sales velocity rather than assuming rapid appreciation.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Detroit, MI 48202 Real Estate Market Report

ZIP Code: 48202
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Detroit, MI, are approximately 6.34%, reflecting a market where rates have fluctuated from highs above 7% earlier in 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market indicator is the median sold price of 255000, which represents the most reliable signal of recent transaction levels and should guide pricing decisions for listings and offers. representative recent sale

2. The gap between the median listing price of 249900 and the median sold price of 255000 suggests limited pricing friction where sellers' expectations are generally aligned with realized sale prices; sellers may need targeted concessions rather than steep price reductions to transact. balanced pricing

3. Market velocity is slow: the median days on market of 402 points to prolonged marketing periods and suggests pricing or condition-driven delays—buyers and investors should expect longer holding periods before resale or occupancy.

4. Supply conditions in the analyzed sample appear as relatively constrained active supply, while broader market signals show prices and rents both trending up and the market temperature is neutral, but elevated interest rate pressure at elevated signals financing headwinds that may temper buyer activity; prioritize deals with clear cashflow or strong credit profiles and prepare for longer closing timelines. elevated interest rate pressure

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Notable Properties

The following 7 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.