Top Large Teams in Detroit, Michigan – Ranked by Sides

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2022 Market Summary

Detroit, Michigan started 2022 with a total of 1,146 single-family homes on the market, with a median home price of $65,000 and an average price per square foot of $65. By the end of the year, inventory had increased to 1,844 homes on the market (+60%), with a median home price of $70,000 (+7%) and an average price per square foot of $70 (+7%).

At the start of 2022, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 77 days.

Detroit started the year with 27% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 38% of Detroit homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Detroit started 2022 as a seller’s market, with an MAI score of 39; by the end of the year, the MAI had dropped to 27 – a buyer’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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Detroit News

The Agency makes its Midwest debut 

Mar 28, 2022By

Global luxury real estate brokerage The Agency announced the opening of its 32nd franchise and its debut in the Midwest, with a new office located in Birmingham, Michigan.