Detroit-Livonia-Dearborn, MI
Local Market Report
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Market Summary |
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March. The economy features large healthcare, business services and transport/warehouse sectors. Current JOB GROWTH is lower than the national average of 1.9 percent, worse than last quarter. Recent growth in business services was fair. Pre-pandemic job growth was poor. Effects of the pandemic still linger. In this market a large number of covid jobs have not been recovered. 3-Year POPULATION GROWTH is -2.1 percent. Rents are high compared to home prices, presenting investment opportunities. 35 percent of housing is rented. Over the last 3 years, total income (a pressure on prices) grew 11 percent (US: 19%); HOME PRICES rose 32 percent, 7 percent in the past year. The market is now well overpriced. Expect softer prices in 2024. If the economy falters, home prices could drop 23 percent. |
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Home Price Change Download Historical Data to Excel | ||||
Actual and Equilibrium Home Prices
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Detroit-Livonia-Dearborn |
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Job Growth Rate Download chart data to Excel | |
Owner-Occupied Housing Units
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Detroit-Wayne County |
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Renter-Occupied Housing Units
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Detroit-Wayne County |
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Detroit-Livonia-Dearborn |
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Risk-Adjusted Cap Rate Download chart data to Excel | |
Population Growth Download chart data to Excel | |
Home Price and Rent Change Download chart data to Excel | |
Detroit-Livonia-Dearborn |
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Rent per Month Download chart data to Excel | |
Housing Permits Download chart data to Excel | |
Vacancy Rates
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State of Michigan |
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Detroit-Livonia-Dearborn |
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Employment by Industry Download chart data to Excel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Unemployment Rate Download chart data to Excel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Price Forecast Accuracy Download to Excel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||