Detroit-Livonia-Dearborn, MI
Local Market Report
Market Summary

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. 

Home Price Change Download Historical Data to Excel Download Historical Data to Excel
Long-term Forecast Chart
Actual and Equilibrium Home Prices Download chart data to Excel Download to Excel
Download quarterly data to Excel Download to Excel
Actual and Equilibrium Home Prices and Forecasts
 

Detroit-Livonia-Dearborn
Job Growth Rate Download chart data to Excel Download to Excel
Job Growth Chart
Owner-Occupied Housing Units Download chart data to Excel Download to Excel

Detroit-Wayne County
Owner-Occupied Housing Units
Renter-Occupied Housing Units Download chart data to Excel Download to Excel
Detroit-Wayne County
Renter-Occupied Housing Units

Detroit-Livonia-Dearborn
Risk-Adjusted Cap Rate Download chart data to Excel Download to Excel
Investment Cap Rates Chart
Population Growth Download chart data to Excel Download to Excel
Population Growth Chart
Home Price and Rent Change Download chart data to Excel Download to Excel
Home Price and Rent Change Chart

Detroit-Livonia-Dearborn
Rent per Month Download chart data to Excel Download to Excel
Gross Rent Chart
Housing Permits Download chart data to Excel Download to Excel
Housing Permits Chart
Vacancy Rates Download chart data to Excel Download to Excel
State of Michigan
Vacancy Rate Chart

Detroit-Livonia-Dearborn
Employment by Industry Download chart data to Excel Download to Excel
Industry % of Total US % of Total Dec 2023 12-Month Job Growth US 12-Month Job Growth
Construction/Mining 3% 5% 26,400 +10.0% +3.0%
Manufacturing 12% 8% 92,800 -1.8% +0.2%
Finance 5% 6% 38,400 -5.7% +0.4%
Retail Trade 9% 10% 66,500 -1.3% +0.7%
Business & Prof. Services 18% 15% 134,500 -1.0% +0.5%
Health Care & Education 17% 16% 127,600 +1.6% +4.3%
Tourism/Hotels 9% 10% 66,200 -3.1% +3.2%
Government 12% 15% 88,300 +2.1% +3.1%
Total 100% 100% 766,500 -0.4% +1.9%

Unemployment Rate Download chart data to Excel Download to Excel
Unemployment Rate Chart
Home Price Forecast Accuracy Download to Excel Download to Excel
12-Month Forecast Chart