Detroit, MI 48221 Real Estate Market Report

ZIP Code: 48221
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Detroit, MI (ZIP: 48221) is currently $135,000, reflecting a cooling trend in the market. This represents a down trend in prices year-over-year, indicating that the neighborhood has decreased in value since the previous year. The market is characterized by elevated inventory levels and longer selling times, with properties spending a median of 230 days on the market. This suggests a shift toward buyer favorability, as sellers may need to adjust their expectations in light of the current market conditions.

Despite the price softening, the median listing price stands at $148,450, indicating a notable gap between asking and sold prices. This pricing friction may reflect seller optimism amidst a market that is currently neutral in temperature. With positive local economic conditions and relative affordability, there is potential for modest appreciation as we approach the spring selling season, although the current elevated inventory suggests that the market may remain competitive for buyers in the near term.

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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 the Detroit MI 48221 area average around 6.57% compared to an average of 7.87% for loans originated earlier in 2026, indicating a favorable refinancing environment for property owners.

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 median sold price of $135,000 indicates a down trend in property values year-over-year.

2. Properties are experiencing a median of 230 days on market, suggesting a slower sales velocity and longer selling times.

3. The median listing price of $148,450 shows a significant gap compared to the sold price, indicating potential pricing friction in the market.

4. The market temperature is currently neutral, reflecting balanced conditions between buyers and sellers.

5. With a median market rent of $1,629, rental demand appears to be increasing, contrasting with the softening sales prices.

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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.