According to statistics, the population in Detroit, MI amounts to 672,681, which shows decline 0% compared to the previous year. The median age of the city’s residents is 35. The average household income is $31,283, shifting growth 3% from the past year, and the average property value in Detroit, MI growth 3% to $51,600 throughout the year.
|Number Of Employees||249,478|
|Median Property Value||$51,600|
The average household income in Detroit, MI grew from $30,344 to $31,283 in the past year. This data is an estimate based upon 266,333 households in Detroit, MI . The chart below presents how household income is distributed in Detroit, MI in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Detroit, MI shifted from $50,200 to $51,600 throughout the year. The subsequent graph indicates the share of properties in the given price range in Detroit, MI in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Detroit, MI properties falls in the '$40,000 to $49,999' range, which is lower than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Detroit, MI compared to median property taxes around the country. The prevalent amount of property taxes in Detroit, MI equals $1150, which is less than the national average.
|Apartment Size||Oct||vs Last Month|
|1 bed for sale||$213,425||+327.7%|
|2 bed for sale||$148,472||+36.3%|
|3 bed for sale||$102,953||+5%|
|4+ bed for sale||$170,053||+7.7%|
During Oct 2021, the average price for an apartment in/near Detroit, MI increased by 12.3% to $130,196.
After collecting all data points, we now see that the average price for 1-bed apartment stands at $213,425 with no changes this month. Asking price for 2-bed apartment remains the same, a place of this size will still cost you $148,472. Reports state that an average 3-bed apartment price did not change, so you can still get yourself one for $102,953. According to statistics, we now see that the 4- and more bed apartments pricing stays the same, so you can still face an estimate price around $170,053 for a big-family home.
|Listing Type||Oct||vs Last Month|
|Lofts for sale||$311,200||+13.6%|
|Apartments for sale||$187,229||+140.8%|
|Houses for sale||$110,398||-0.2%|
|Condos for sale||$359,766||+100.9%|
|Duplexes for sale||$112,842||+72.1%|
|Townhouses for sale||$161,799||N/A|
While assessing the property pricing Detroit, MI, you can note that it remains flat with a price tag of $187,229. According to statistics, average house is still $110,398 with no significant changes this month. Condo prices remain stable. Condo for sale is now available for the same pricing as previously — $359,766. An average value of duplex is $112,842, thus a median price for a duplex remains the same this month. The price statistics of lofts have not significantly changed, it now still goes for $311,200. Value of the townhouses didn’t change, the price still starts at $161,799.
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