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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.

Analysis Window
90 Days
Total Properties Analyzed
78
Active Listings
69
Sold Properties
9

Market Metrics

Median Listing Price
$77,000
Median Sold Price
$77,700
Median Price per Sqft
$71/sqft

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

Median Market Rent
$1,200

Property Taxes

Property Tax Rate
1.48%

Liquidity & Velocity

Median Days on Market
261
Sale-to-List Ratio
100.0%

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.

Price YoY Trend
down
Market Temperature
cold
Rent YoY Trend
up
Interest Rate Pressure
elevated

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

  1. 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

  2. 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.

  3. 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.

  4. 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

19698 Packard St, Detroit, MI 48234
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

3 beds
2 baths
2,010 sqft
$159,900
Apr 1, 2026
$80/sqft/sqft
209 days on market
18841 Buffalo St, Detroit, MI 48234
Premium

Sold above market average

- beds
1 baths
911 sqft
$139,814
Feb 1, 2026
$153/sqft/sqft
20192 Lumpkin St, Detroit, MI 48234
Premium

Sold above market average

3 beds
1 baths
914 sqft
$115,000
Feb 1, 2026
$126/sqft/sqft
399 days on market
19976 Conant St, Detroit, MI 48234
Premium

Sold above market average

2 beds
1 baths
682 sqft
$110,000
Feb 1, 2026
$161/sqft/sqft
150 days on market
18134 Dequindre St, Detroit, MI 48234
Premium

Sold above market average

3 beds
1 baths
993 sqft
$109,999
Feb 1, 2026
$111/sqft/sqft
264 days on market
19423 Teppert St, Detroit, MI 48234
Premium

Sold above market average

3 beds
1 baths
864 sqft
$95,000
Mar 1, 2026
$110/sqft/sqft
953 days on market
20061 Dean St, Detroit, MI 48234
Value

Sold below market average

3 beds
1 baths
1,473 sqft
$58,000
Feb 1, 2026
$39/sqft/sqft
367 days on market
19417 Keystone St, Detroit, MI 48234
Value

Sold below market average

3 beds
1 baths
1,604 sqft
$52,500
Mar 1, 2026
$33/sqft/sqft
137 days on market

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.

Analysis Window
90 Days
Total Properties Analyzed
9
Active Listings
0
Sold Properties
9

Market Metrics

Median Listing Price
$0
Median Sold Price
$56,000
Median Price per Sqft
$98/sqft

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

Median Market Rent
$1,100

Property Taxes

Property Tax Rate
0.11%

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.

Price YoY Trend
down
Market Temperature
cold
Rent YoY Trend
up
Interest Rate Pressure
elevated

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

  1. 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.

  2. 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.

  3. 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.

  4. 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

11160 E 7 Mile Rd Apt 5, Detroit, MI 48234
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

1 beds
1 baths
318 sqft
$50,000
Jul 1, 2025
$157/sqft/sqft
11160 E 7 Mile Rd Apt 11, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
392 sqft
$50,000
Jul 1, 2025
$128/sqft/sqft
11160 E 7 Mile Rd Apt 4, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
571 sqft
$50,000
Jul 1, 2025
$88/sqft/sqft
11160 E 7 Mile Rd Apt 8, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
573 sqft
$50,000
Jul 1, 2025
$87/sqft/sqft
11160 E 7 Mile Rd Apt 1, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
585 sqft
$50,000
Jul 1, 2025
$85/sqft/sqft
11160 E 7 Mile Rd Apt 2, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
571 sqft
$50,000
Jul 1, 2025
$88/sqft/sqft
11160 E 7 Mile Rd Apt 9, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

1 beds
1 baths
586 sqft
$50,000
Jul 1, 2025
$85/sqft/sqft
11160 E 7 Mile Rd Apt 6, Detroit, MI 48234
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

- beds
1 baths
315 sqft
$50,000
Jul 1, 2025
$159/sqft/sqft

Investment Analysis

Compare rental income potential against ownership costs and benchmark against market averages.

Rent vs Cost to Own

Monthly rental income vs estimated ownership cost

$697/mo
48234 Avg Rent
48234 Cost to Own
Rent$1,200
Own$503

20% down, 6.3% rate, 1.5% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

48234 Avg nightly rate
48234 Avg occupancy (days/year)
Nightly rate$144/night
Occupancy80 of 365 days

Data Sources

Real estate market data & public records, and GemHaus® proprietary models.

Report generated: 5/1/2026

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