Detroit, MI 48234 Real Estate Market Report
ZIP Code: 48234
Report Date: May 2026
Market Temperature: COLD
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.
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.
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.
Rental Market
Property Taxes
Liquidity & Velocity
Market Trends & Context
Understanding Market Temperature
A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in the 48234 area are 6.4%, reflecting a market where rates have fluctuated from over 7% earlier in 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary indicator of recent transaction activity is the median sold price, 77,700, which represents the most reliable market value signal from closed transactions and suggests sellers are realizing prices near current market expectations relative to asking levels. representative recent sale
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Liquidity appears muted: the median days on market is 261, which suggests slower sales velocity and cold market conditions; this slower turnover, combined with elevated inventory relative to sales activity, may give buyers more negotiating leverage.
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Pricing context shows a median price per square foot of 71.28 alongside a median listing price of 77,000, indicating modest pricing levels for SFR/condo stock; meanwhile, the rental side is performing better with a median market rent of 1,200 and rents trending up, which supports investor interest where cashflow is a priority.
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Financing pressure is a headwind: local 30-year fixed mortgage rates are 6.4% and interest rate pressure is characterized as elevated, which may suppress buyer affordability and further slow transaction volume.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Sold below market average
Sold below market average
Detroit, MI 48234 Real Estate Market Report
ZIP Code: 48234
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
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.
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.
Rental Market
Property Taxes
Liquidity & Velocity
Market Trends & Context
Understanding Market Temperature
A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in the 48234 area are 6.4%, reflecting a market where rates have fluctuated from over 7% earlier in 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The neighborhood's primary market indicator, the median sold price of 56,000, indicates a relatively soft price level for recent transactions and should be treated as the baseline for valuation and comps in this area; note that the sample includes 9 total sold properties analyzed, which may limit statistical confidence.
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Year-over-year pricing momentum is showing down, signaling sellers are facing pricing pressure and that negotiated sale prices may be below prior periods; combined with the market temperature reading of cold, this suggests slower sales velocity and elevated inventory relative to sales activity may persist.
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Rental demand is contrasting with for-sale softness: the median market rent of 1,100 and a rent year-over-year trend of up indicate steady rental growth, which may support investor interest focused on cash-flow rather than near-term appreciation.
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Financing and macro pressure are relevant: interest rate pressure is noted as elevated and local 30-year fixed mortgage rates are reported at 6.4%, which may continue to constrain buyer purchasing power and prolong negotiation timelines for sellers.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 1.5% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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