Detroit, MI 48223 Real Estate Market Report

ZIP Code: 48223
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

In Detroit, MI (ZIP: 48223), the median sold price stands at $89,900, reflecting a recent decline in property values. This downward trend aligns with broader market movements, as the area has experienced a price decrease year-over-year. The current market conditions indicate a slight shift towards buyers, with homes typically selling below their listing prices, suggesting that sellers may need to adjust their expectations to align with buyer sentiment.

The market is characterized by elevated inventory levels, contributing to a slower sales velocity, as evidenced by a median of 199 days on market. This extended time frame indicates a potential mismatch between seller pricing strategies and buyer demand, further complicating the market dynamics. The overall market temperature is currently neutral, suggesting that while there is some buyer activity, it is not robust enough to drive significant price increases or rapid sales.

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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 the Detroit MI 48223 market average around 5.875% to 6.375%, which is notably lower than the early 2026 average of approximately 6.18% to 7.08% seen previously.

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 $89,900 indicates a declining trend in property values within the area.

2. Properties are taking a median of 199 days on market, reflecting a slower sales velocity and potential pricing friction.

3. The median listing price of $80,400 suggests a significant gap between asking prices and actual sales, indicating that sellers may need to adjust expectations.

4. Rental rates are experiencing a year-over-year decline, with a median market rent of $1,629, which may signal softening demand in the rental market.

5. Interest rate pressure remains elevated, with current mortgage rates averaging between 5.875% and 6.375%, potentially impacting buyer affordability and market activity.

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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.