Detroit, MI 48238 Real Estate Market Report

ZIP Code: 48238
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.

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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 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 Detroit 48238 area are approximately 6.25% to 6.42%, reflecting a market where rates have moderated from the 7% levels seen earlier in 2026.

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 primary market indicator, median sold price of $88,500, signals the neighborhood's transactional value with recent sales below asking levels and down price momentum relative to sellers' expectations.

2. Listing-to-sale tension is evident: the median listing price of $97,000 sits above the median sold price, which may indicate pricing friction and excess supply relative to sales activity that appears to be pressuring offers and concessions.

3. Market velocity is slow: the median days on market of 261 reflects extended time-to-contract and suggests colder liquidity conditions and down short-term price pressure rather than rapid turnover.

4. Financing and rental context are cautionary: interest rate pressure is moderate and current mortgage rates near 6.25%–6.42% coincide with a down rent year-over-year trend and a median market rent of $1,050, which together may compress investor yield expectations and prolong the market's cooling.

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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.