Detroit FHA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, MI

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Detroit's 188 lenders originated 9,003 FHA loans during 2023. The total origination value was $1,808,535,000, with an average FHA loan value of $200,881.

    Detroit FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Detroit averaged 0.11% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Detroit's average FHA mortgage closing costs are $6,570.

    The average rate for the prior week (2024-11-08) was 6.42% and one month ago for the week of 2024-10-11, the average rate was 6.42%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.01%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Detroit FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Detroit level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 1,806 6.31% $8,564
    UNITED WHOLESALE MORTGAGE, LLC 1,517 6.51% $10,080
    MORTGAGE 1 INCORPORATED 267 6.69% $9,491
    Flagstar Bank, FSB 248 6.77% $7,851
    CROSSCOUNTRY MORTGAGE, LLC 248 6.85% $9,193
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 213 6.82% $8,284
    NEWREZ LLC 178 6.73% $9,032
    STAUNTON FINANCIAL, INC. 150 6.61% $8,104
    MICHIGAN MUTUAL, INC. 141 6.71% $9,629
    LOANDEPOT.COM, LLC 136 6.46% $10,364
    EVERETT FINANCIAL, INC. 136 6.79% $7,619
    CALIBER HOME LOANS, INC. 123 6.39% $8,250
    The Huntington National Bank 114 6.64% $7,044
    UNION HOME MORTGAGE CORP. 99 6.99% $9,808
    MICHIGAN FIRST CREDIT UNION 91 6.70% $6,788
    FREEDOM MORTGAGE CORPORATION 89 6.93% $11,366
    ROSS MORTGAGE CORPORATION 86 6.84% $8,524
    Carrington Mortgage Services, LLC 82 6.35% $10,651
    AMERICAN FINANCIAL NETWORK, INC. 81 7.14% $9,747
    First State Bank 79 6.90% $7,903
    BROKER SOLUTIONS, INC. 78 6.82% $9,509
    Equity Prime Mortgage LLC 77 7.13% $9,175
    SUCCESS MORTGAGE PARTNERS, INC. 77 6.72% $9,198
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 6.68% $7,576
    Mr. Cooper ( Nationstar Mortgage ) 74 6.10% $11,809
    Preston Home Loans Inc 73 6.93% $10,099
    JPMorgan Chase Bank 70 6.67% $4,636
    CARDINAL FINANCIAL 59 6.39% $8,774
    Citizens Bank 59 6.43% $7,048
    PENNYMAC LOAN SERVICES, LLC 55 6.33% $10,332
    J. VIRGIL, INC. 54 6.77% $8,863
    GUARANTEED RATE, INC. 54 6.64% $9,768
    LAKE MICHIGAN CREDIT UNION 53 6.43% $7,867
    INSPIRE HOME LOANS INC. 48 5.97% $9,295
    PLAZA HOME MORTGAGE, INC. 48 6.65% $10,824
    MUTUAL OF OMAHA MORTGAGE, INC. 48 6.76% $11,209
    AMERISAVE MORTGAGE CORPORATION 42 6.10% $12,160
    TOWNE MORTGAGE COMPANY 40 6.56% $8,881
    THE MORTGAGE LINK, INC. 38 7.25% $8,685
    Fifth Third Bank 35 6.49% $4,675
    MEMBER FIRST MORTGAGE, LLC 35 6.75% $7,079
    MICHIGAN SCHOOLS AND GOVERNMENT 34 5.92% $5,607
    TOP FLITE FINANCIAL, INC. 32 6.86% $11,840
    SUN WEST MORTGAGE COMPANY, INC. 32 6.78% $9,983
    Nations Lending Corporation 31 6.47% $10,063
    PRIMELENDING, A PLAINSCAPITAL COMPANY 30 6.73% $10,093
    FIRST COMMUNITY MORTGAGE, INC. 30 6.84% $9,329
    BLG HOLDINGS, INC. 28 6.80% $8,902
    First Merchants Bank 27 6.85% $7,795
    Independent Bank 26 6.72% $7,043
    TJC Mortgage, Inc. 26 6.63% $13,796
    Century Mortgage Company DBA Century Lending Company 25 6.81% $10,726
    Bank of England 25 6.40% $10,097
    Plains Commerce Bank 25 6.44% $8,575
    OCMBC, INC. 24 7.35% $8,632
    NATIONS DIRECT MORTGAGE, LLC 24 6.81% $10,613
    MORTGAGE CENTER L.C 22 6.95% $8,347
    LAKEVIEW LOAN SERVICING, LLC 22 6.10% $10,924
    M/I FINANCIAL, LLC 21 6.24% $14,344
    DAS Acquisition Company, LLC 19 6.93% $11,785
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 19 6.94% $11,964
    Mortgage Research Center, LLC 17 6.87% $6,640
    HOMESITE MORTGAGE, LLC 16 6.87% $15,292
    PNC Bank 15 6.92% $5,375
    BM Real Estate Services, Inc. 15 6.72% $8,322
    RUOFF MORTGAGE COMPANY, INC. 15 6.88% $5,316
    VILLAGE CAPITAL MORTGAGE 15 6.79% $8,979
    DELMAR FINANCIAL COMPANY 14 6.47% $7,929
    Platinum Home Mortgage Corporation 14 6.63% $9,229
    ZILLOW HOME LOANS, LLC 13 6.40% $8,674
    Bank of America 13 6.28% $5,500
    University Bank 12 6.82% $11,029
    Paramount Residential Mortgage Group, Inc. 12 7.05% $9,645
    Prosperity Home Mortgage, LLC 11 6.47% $10,137
    M&T Bank 11 6.52% $8,234
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.56% $8,199
    STOCKTON MORTGAGE CORPORATION 11 6.38% $12,196
    ROYAL UNITED MORTGAGE LLC 10 6.98% $10,539
    PLANET HOME LENDING, LLC 10 5.89% $7,818
    U.S. Bank 9 6.38% $7,632
    MOVEMENT MORTGAGE, LLC 9 7.13% $9,227
    CMG MORTGAGE, INC. 8 7.29% $8,561
    NATIONS RELIABLE LENDING, LLC 8 6.97% $9,062
    NBKC BANK 7 5.93% $9,748
    AMERICAN FINANCING CORPORATION 7 6.37% $6,817
    AMERICAN FINANCIAL RESOURCES, INC. 7 7.09% $9,378
    CIBC Bank USA 6 6.40% $5,959
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.67% $11,867
    Cornerstone First Mortgage, Inc 6 6.52% $8,819
    RELIANCE FIRST CAPITAL, LLC 6 6.29% $10,097
    CORNERSTONE HOME LENDING, INC. 6 6.85% $8,330
    The Federal Savings Bank 6 7.00% $15,095
    AmeriHome Mortgage Company, LLC 6 6.35% $11,348
    First Savings Bank 6 6.67% $10,795
    US MORTGAGE CORPORATION 6 6.90% $8,639
    ACADEMY MORTGAGE CORPORATION 5 6.83% $6,669
    PHH Mortgage Corporation 5 5.95% $11,285
    GENEVA FINANCIAL, LLC 5 6.90% $13,118
    Neighborhood Loans, Inc. 5 6.85% $9,399
    NFM, INC. 5 7.55% $9,777
    Northpointe Bank 5 7.08% $10,204
    MID AMERICA MORTGAGE, INC. 5 7.08% $6,001
    LEGEND LENDING CORPORATION 4 7.03% $10,993
    BECKAM FUNDING CORP. 4 7.44% $12,185
    KeyBank 4 6.66% $8,419
    EMBRACE HOME LOANS, INC. 4 6.87% $11,086
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 6.53% $10,813
    GUARANTEED RATE AFFINITY, LLC 4 7.09% $10,025
    LIBERTY HOME MORTGAGE CORPORATION 4 7.00% $10,109
    LOANPAL, LLC 4 6.06% $12,233
    PENTAGON FEDERAL CREDIT UNION 4 5.66% $10,351
    ON Q FINANCIAL, INC. 3 7.00% $9,865
    OPEN MORTGAGE, LLC 3 7.38% $10,079
    BETTER MORTGAGE CORPORATION 3 5.92% $14,202
    Lakeview Community Capital, LLC 3 6.54% $10,816
    CONTOUR MORTGAGE CORPORATION 3 6.67% $9,262
    MORTGAGE ACCESS CORP. 3 6.79% $14,247
    HOWARD HANNA FINANCIAL SERVICES, INC. 3 6.63% $8,721
    Dort Financial Credit Union 3 6.29% $5,748
    Encompass Lending Group, LP 3 7.21% $8,633
    HOMESIDE FINANCIAL, LLC 3 6.17% $12,238
    Colonial Savings, F.A. 3 6.08% $11,359
    Bank of Ann Arbor 3 6.21% $10,204
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 7.21% $9,004
    EMM LOANS LLC 3 6.58% $10,410
    DRAPER AND KRAMER MORTGAGE CORP. 3 6.67% $5,854
    The Loan Store, Inc. 3 7.12% $12,427
    Sunflower Bank 3 6.79% $8,434
    Barrington Bank & Trust Company, N.A. 3 7.00% $9,148
    Wells Fargo Bank 2 6.13% $8,407
    LAND HOME FINANCIAL SERVICES, INC. 2 6.25% $6,243
    RESIDENTIAL BANCORP 2 6.25% $9,881
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $7,909
    THE ANDERSON FINANCIAL GROUP, INC. 2 6.63% $7,719
    PREMIA MORTGAGE, LLC 2 5.88% $5,759
    MMS MORTGAGE SERVICES, LTD. 2 6.44% $3,765
    SUMMIT FUNDING, INC. 2 6.81% $18,522
    GSF Mortgage Corporation 2 6.19% $7,090
    GVC MORTGAGE, INC. 2 7.06% $8,907
    Ixonia Bank 2 6.63% $9,579
    PULTE MORTGAGE LLC 2 6.69% $18,857
    MILEND, INC. 2 7.13% $16,785
    Hometown Equity Mortgage, LLC 2 6.69% $12,958
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.69% $11,464
    Willamette Valley Bank 2 6.75% $16,159
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.75% $9,521
    GUILD MORTGAGE COMPANY 1 5.38% $8,568
    Horizon Bank 1 6.63% $4,713
    JET DIRECT FUNDING CORP 1 7.25% $14,389
    Goldwater Bank, N.A. 1 6.63% $13,653
    Key Mortgage Services, Inc. 1 6.88% $12,286
    FLAT BRANCH MORTGAGE, INC. 1 7.50% $11,494
    Lend Smart Mortgage, LLC 1 6.75% $7,558
    First Horizon Bank 1 7.00% $9,515
    First Federal Bank 1 6.13% $3,903
    Mercantile Bank of Michigan 1 6.75% $6,475
    FINANCIAL PLUS CREDIT UNION 1 5.38% $9,175
    Evolve Bank & Trust 1 7.25% $9,872
    EQUITY RESOURCES, INC. 1 6.63% $6,798
    ENVOY MORTGAGE, LTD 1 6.75% $6,649
    MLB RESIDENTIAL LENDING, LLC 1 6.00% $18,024
    MLD MORTGAGE INC. 1 6.00% $12,220
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $13,539
    MYCUMORTGAGE, LLC 1 6.63% $6,215
    Credence Funding Corporation 1 6.13% $15,280
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $8,001
    NEW DAY FINANCIAL, LLC 1 7.00% $5,608
    NORWICH COMMERCIAL GROUP, INC. 1 7.25% $10,314
    OCEANSIDE MORTGAGE COMPANY 1 5.88% $7,523
    Pacor Mortgage Corp 1 7.63% $9,224
    Pinnacle Bank 1 5.63% $16,160
    Comerica Bank 1 6.75% $3,984
    CITYWIDE HOME LOANS, LLC 1 6.25% $12,284
    BAY EQUITY LLC 1 6.50% $6,778
    S1L, Inc. 1 6.75% $10,086
    Servion, Inc. 1 6.63% $6,794
    Sierra Pacific Mortgage Company, Inc. 1 5.13% $14,149
    SIWELL, INC. 1 4.75% $11,687
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.99% $11,075
    SUMMIT HOME MORTGAGE, LLC 1 7.25% $11,911
    The Dart Bank 1 7.63% $13,297
    AmRes Corporation 1 6.75% $4,981
    THRIVE MORTGAGE, LLC 1 6.25% $13,327
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.63% $13,614
    Truist 1 6.88% $12,582
    AMCAP MORTGAGE, LTD. 1 6.13% $9,630
    V.I.P. MORTGAGE, INC. 1 7.25% $12,546
    Wyndham Capital Mortgage, Inc. 1 6.13% $7,275

    The top Detroit FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,806 FHA loans originated. Their average total fees are $8,564, which is $1,516 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Detroit FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($4,636), Fifth Third Bank ($4,675), RUOFF MORTGAGE COMPANY, INC. ($5,316), PNC Bank ($5,375) and Bank of America ($5,500).

    The lowest rate Detroit FHA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC (5.89%), MICHIGAN SCHOOLS AND GOVERNMENT (5.92%), INSPIRE HOME LOANS INC. (5.97%), LAKEVIEW LOAN SERVICING, LLC (6.10%) and AMERISAVE MORTGAGE CORPORATION (6.10%).

    Detroit FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DETROIT-WARREN-DEARBORN, MI LAPEER 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI MACOMB 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI OAKLAND 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    DETROIT-WARREN-DEARBORN, MI LAPEER 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI MACOMB 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI OAKLAND 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
    DETROIT-WARREN-DEARBORN, MI WAYNE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $199,900 (7.3%) $309,468 (5.2%) 0.74 9,939
    2018-02-01 $205,500 (6.8%) $318,782 (6.5%) 0.75 9,269
    2018-03-01 $224,900 (5.9%) $337,975 (8.2%) 0.79 9,082
    2018-04-01 $242,450 (7.8%) $343,455 (5.1%) 0.82 9,491
    2018-05-01 $249,900 (6.6%) $348,685 (3.2%) 0.83 10,496
    2018-06-01 $253,200 (7.5%) $353,380 (3.9%) 0.84 11,781
    2018-07-01 $249,900 (6.3%) $346,045 (2.7%) 0.83 12,978
    2018-08-01 $244,950 (8.0%) $336,152 (2.9%) 0.82 14,301
    2018-09-01 $239,900 (6.6%) $334,379 (2.9%) 0.81 14,957
    2018-10-01 $230,950 (4.3%) $326,364 (1.2%) 0.78 14,879
    2018-11-01 $225,000 (4.2%) $318,603 (0.1%) 0.76 14,428
    2018-12-01 $219,900 (4.8%) $314,446 (-0.2%) 0.76 13,252
    2019-01-01 $218,550 (9.3%) $313,254 (1.2%) 0.76 12,159
    2019-02-01 $219,950 (7.0%) $316,952 (-0.6%) 0.74 11,495
    2019-03-01 $232,814 (3.5%) $329,647 (-2.5%) 0.76 11,352
    2019-04-01 $249,950 (3.1%) $345,374 (0.6%) 0.79 11,488
    2019-05-01 $259,900 (4.0%) $351,992 (1.0%) 0.81 12,362
    2019-06-01 $262,000 (3.5%) $350,214 (-0.9%) 0.82 13,710
    2019-07-01 $259,900 (4.0%) $344,094 (-0.6%) 0.81 14,992
    2019-08-01 $253,355 (3.4%) $337,144 (0.3%) 0.80 15,526
    2019-09-01 $243,536 (1.5%) $328,210 (-1.8%) 0.78 15,829
    2019-10-01 $236,991 (2.6%) $321,784 (-1.4%) 0.76 15,906
    2019-11-01 $229,900 (2.2%) $317,751 (-0.3%) 0.75 14,871
    2019-12-01 $224,900 (2.3%) $311,231 (-1.0%) 0.75 13,035
    2020-01-01 $219,950 (0.6%) $310,474 (-0.9%) 0.74 11,629
    2020-02-01 $222,250 (1.1%) $315,582 (-0.4%) 0.73 10,735
    2020-03-01 $237,850 (2.2%) $329,570 (0.0%) 0.75 10,380
    2020-04-01 $243,950 (-2.4%) $333,299 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,713 (-3.8%) 0.76 10,722
    2020-06-01 $272,725 (4.1%) $365,212 (4.3%) 0.80 10,264
    2020-07-01 $278,375 (7.1%) $374,372 (8.8%) 0.81 9,832
    2020-08-01 $274,900 (8.5%) $373,949 (10.9%) 0.79 9,311
    2020-09-01 $269,950 (10.9%) $373,481 (13.8%) 0.77 8,992
    2020-10-01 $264,975 (11.8%) $373,814 (16.2%) 0.76 8,484
    2020-11-01 $254,950 (10.9%) $373,410 (17.5%) 0.75 7,677
    2020-12-01 $249,950 (11.1%) $370,800 (19.1%) 0.74 6,754
    2021-01-01 $249,900 (13.6%) $372,940 (20.1%) 0.75 5,690
    2021-02-01 $250,000 (12.5%) $388,674 (23.2%) 0.73 4,731
    2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
    2021-04-01 $269,950 (10.7%) $405,925 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,266
    2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.2%) $391,506 (4.6%) 0.73 7,192
    2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
    2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
    2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
    2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
    2021-12-01 $216,950 (-13.2%) $345,696 (-6.8%) 0.59 6,293
    2022-01-01 $205,000 (-18.0%) $341,364 (-8.5%) 0.55 5,189
    2022-02-01 $216,100 (-13.6%) $354,193 (-8.9%) 0.56 4,626
    2022-03-01 $227,450 (-14.5%) $360,375 (-9.5%) 0.57 4,771
    2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
    2022-05-01 $274,000 (-2.1%) $384,656 (-6.2%) 0.63 6,341
    2022-06-01 $279,950 (1.2%) $388,401 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,932 (-2.5%) 0.63 9,283
    2022-08-01 $272,400 (1.9%) $370,532 (-3.4%) 0.63 9,869
    2022-09-01 $263,950 (5.6%) $366,213 (-1.2%) 0.62 9,757
    2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,855
    2022-11-01 $247,000 (8.6%) $347,733 (-0.2%) 0.59 9,742
    2022-12-01 $230,000 (6.0%) $341,678 (-1.2%) 0.57 8,672
    2023-01-01 $227,125 (10.8%) $343,290 (0.6%) 0.56 7,431
    2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
    2023-03-01 $236,950 (4.2%) $362,617 (0.6%) 0.56 5,940
    2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
    2023-05-01 $267,450 (-2.4%) $399,457 (3.9%) 0.61 6,033
    2023-06-01 $270,000 (-3.6%) $402,235 (3.6%) 0.61 6,448
    2023-07-01 $269,000 (-3.9%) $393,621 (3.1%) 0.61 6,988
    2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
    2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
    2023-10-01 $252,250 (0.9%) $382,592 (7.6%) 0.59 7,907
    2023-11-01 $247,000 (0.0%) $373,047 (7.3%) 0.59 8,116
    2023-12-01 $235,250 (2.3%) $365,972 (7.1%) 0.57 7,356
    2024-01-01 $229,450 (1.0%) $363,472 (5.9%) 0.56 6,424
    2024-02-01 $229,450 (0.0%) $368,064 (5.9%) 0.55 6,201
    2024-03-01 $239,900 (1.2%) $380,019 (4.8%) 0.56 6,151
    2024-04-01 $250,000 (0.0%) $387,737 (0.8%) 0.58 6,144
    2024-05-01 $259,500 (-3.0%) $409,085 (2.4%) 0.59 6,544
    2024-06-01 $275,000 (1.9%) $425,713 (5.8%) 0.62 7,111
    2024-07-01 $279,900 (4.1%) $430,586 (9.4%) 0.64 7,737
    2024-08-01 $279,900 (2.8%) $417,041 (7.0%) 0.65 8,525
    2024-09-01 $277,000 (5.7%) $407,313 (5.5%) 0.65 8,921
    2024-10-01 $271,200 (7.5%) $399,253 (4.4%) 0.64 8,920
    Detroit's median listing price for 2024-10-01 was $271,200, a difference of $18,950 (7.5%) versus the prior year and $-5,800 versus the prior month.

    Detroit's median listing price comes in at 64% of the national average.

    Detroit's average listing price for 2024-10-01 was $399,253, a difference of $16,661 (4.4%) versus the prior year and $-8,060 versus the prior month.

    For the 2024-10-01 period, Detroit had 8,920 MLS listings, a difference of -1 listings (0%) versus the prior month and 1,013 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 63 days 1,578 sqft
    2018-02-01 58 days 1,581 sqft
    2018-03-01 45 days 1,644 sqft
    2018-04-01 36 days 1,686 sqft
    2018-05-01 33 days 1,713 sqft
    2018-06-01 33 days 1,734 sqft
    2018-07-01 36 days 1,723 sqft
    2018-08-01 35 days 1,700 sqft
    2018-09-01 40 days 1,692 sqft
    2018-10-01 43 days 1,642 sqft
    2018-11-01 46 days 1,613 sqft
    2018-12-01 56 days 1,585 sqft
    2019-01-01 61 days 1,581 sqft
    2019-02-01 60 days 1,595 sqft
    2019-03-01 45 days 1,631 sqft
    2019-04-01 36 days 1,683 sqft
    2019-05-01 34 days 1,717 sqft
    2019-06-01 36 days 1,728 sqft
    2019-07-01 37 days 1,724 sqft
    2019-08-01 40 days 1,706 sqft
    2019-09-01 43 days 1,675 sqft
    2019-10-01 45 days 1,651 sqft
    2019-11-01 51 days 1,624 sqft
    2019-12-01 62 days 1,598 sqft
    2020-01-01 69 days 1,584 sqft
    2020-02-01 58 days 1,586 sqft
    2020-03-01 47 days 1,604 sqft
    2020-04-01 59 days 1,620 sqft
    2020-05-01 65 days 1,640 sqft
    2020-06-01 38 days 1,725 sqft
    2020-07-01 37 days 1,740 sqft
    2020-08-01 33 days 1,710 sqft
    2020-09-01 35 days 1,669 sqft
    2020-10-01 36 days 1,641 sqft
    2020-11-01 40 days 1,600 sqft
    2020-12-01 48 days 1,576 sqft
    2021-01-01 51 days 1,557 sqft
    2021-02-01 39 days 1,562 sqft
    2021-03-01 28 days 1,577 sqft
    2021-04-01 22 days 1,595 sqft
    2021-05-01 18 days 1,604 sqft
    2021-06-01 19 days 1,600 sqft
    2021-07-01 22 days 1,590 sqft
    2021-08-01 24 days 1,558 sqft
    2021-09-01 30 days 1,514 sqft
    2021-10-01 31 days 1,493 sqft
    2021-11-01 36 days 1,451 sqft
    2021-12-01 43 days 1,420 sqft
    2022-01-01 52 days 1,406 sqft
    2022-02-01 34 days 1,416 sqft
    2022-03-01 25 days 1,441 sqft
    2022-04-01 22 days 1,486 sqft
    2022-05-01 20 days 1,537 sqft
    2022-06-01 23 days 1,559 sqft
    2022-07-01 28 days 1,551 sqft
    2022-08-01 32 days 1,532 sqft
    2022-09-01 39 days 1,522 sqft
    2022-10-01 39 days 1,500 sqft
    2022-11-01 43 days 1,484 sqft
    2022-12-01 52 days 1,453 sqft
    2023-01-01 62 days 1,444 sqft
    2023-02-01 55 days 1,456 sqft
    2023-03-01 46 days 1,473 sqft
    2023-04-01 37 days 1,508 sqft
    2023-05-01 30 days 1,531 sqft
    2023-06-01 31 days 1,536 sqft
    2023-07-01 32 days 1,532 sqft
    2023-08-01 36 days 1,523 sqft
    2023-09-01 40 days 1,508 sqft
    2023-10-01 40 days 1,480 sqft
    2023-11-01 41 days 1,460 sqft
    2023-12-01 50 days 1,445 sqft
    2024-01-01 50 days 1,458 sqft
    2024-02-01 46 days 1,447 sqft
    2024-03-01 42 days 1,463 sqft
    2024-04-01 39 days 1,479 sqft
    2024-05-01 32 days 1,498 sqft
    2024-06-01 31 days 1,516 sqft
    2024-07-01 37 days 1,522 sqft
    2024-08-01 36 days 1,520 sqft
    2024-09-01 39 days 1,511 sqft
    2024-10-01 40 days 1,505 sqft
    Detroit's median listing age (time on market) for 2024-10-01 was 40 days. This is 0% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2024-10-01 period was 1,505 sqft. One year prior, the average listing was 1,480 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).