Is Detroit, MI 48206 a buyer’s or seller’s market?

The Detroit housing market right now

In the three months ending August 31, 2026, 12% of homes in Detroit, MI 48206 sold above their list price, the typical home went under contract in 91 days and there were 9.7 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 50 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 20%, homes sold more slowly (49 days then) and the median sale price fell 43% to $120,948. Overall, Detroit is less competitive than a year ago, which gives buyers more room.

Within Wayne County, homes here sell more slowly than in 97% of the county’s ZIP codes, and sell less often over asking than in 89%. On our competition score, Detroit ranks #505 of 510 MI ZIP codes with enough sales (score 11 out of 100).

Nearby, buyers who want less competition could look at Dearborn 48120 (0% sold over asking) or Detroit 48201 (5% sold over asking), while Dearborn 48128 (72% sold over asking) and Livonia 48154 (59% sold over asking) are even more competitive.