Detroit, MI 48234 Real Estate Market Report

ZIP Code: 48234
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The 48234 micro-market in Detroit, MI is currently experiencing a notable decrease in market activity, with the median sold price recorded at $64,000. This reflects a significant shift in buyer sentiment and market dynamics, as the area has seen a downward trend in prices. The neighborhood has decreased 8% since 2022, indicating a cooling market that contrasts with broader expectations for moderate growth in the Metro Detroit area.

Transaction activity appears to be slower, with 175 days as the median days on market, suggesting that properties are taking longer to sell. This extended time frame may indicate elevated inventory levels relative to sales activity, contributing to a buyer's market dynamic. The median listing price stands at $71,940, which highlights a pricing gap that may be causing friction in negotiations as sellers adjust to the current market conditions.

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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 48234 area average around 6.09% compared to 6.87% a year ago, indicating a favorable market shift for refinancing 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 $64,000 indicates a declining trend in property values compared to previous years.

2. With 175 days as the median days on market, properties are experiencing slower sales velocity, suggesting a need for strategic pricing adjustments.

3. The median listing price of $71,940 shows a notable gap from the median sold price, which may create pricing friction in negotiations.

4. Elevated interest rate pressure remains a concern, contributing to the down trend in both sold prices and market activity.

5. The median market rent of $1,629 suggests that rental affordability is also under strain, reflecting broader economic challenges in the area.

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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.