Detroit, MI Market Trends

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Multifamily Property Asking Price Index - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$35,776.74 +10.9% +22.1%
-
Metro
$34,230.01 +9.9% +30.5%
-
County
$27,005.93 +15.0% +35.9%
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City
$12,362.97 +12.3% +14.6%

Current Detroit market trends data indicates an increase of +12.3% in the median asking price per unit for Multifamily properties compared to the prior 3 months, with an increase of +14.6% compared to last year's prices. County-wide, asking prices for Multifamily properties are 15.0% higher at $27,006 per unit compared to the current median price of $12,363 per unit for Multifamily properties in Detroit, MI.

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Office Property Asking Price Index - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$75.86 +0.4% +5.3%
-
Metro
$85.19 +0.4% +8.2%
-
County
$79.34 +1.2% +14.5%
-
City
$65.99 +11.0% +72.8%

Current Detroit market trends data indicates an increase of +11.0% in the median asking price per sq ft for Office properties compared to the prior 3 months, with an increase of +72.8% compared to last year's prices. County-wide, asking prices for Office properties are 1.2% higher at $79 per sq ft compared to the current median price of $66 per sq ft for Office properties in Detroit, MI.

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Industrial Property Asking Price Index - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$37.09 +1.0% +6.5%
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Metro
$42.14 +2.7% +8.6%
-
County
$34.11 +4.7% +6.8%
-
City
$16.71 +13.3% +26.7%

Current Detroit market trends data indicates an increase of +13.3% in the median asking price per sq ft for Industrial properties compared to the prior 3 months, with an increase of +26.7% compared to last year's prices. County-wide, asking prices for Industrial properties are 4.7% higher at $34 per sq ft compared to the current median price of $17 per sq ft for Industrial properties in Detroit, MI.

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Retail Property Asking Price Index - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$78.12 +0.2% +2.9%
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Metro
$85.65 -1.6% +0.9%
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County
$76.88 -0.2% -1.9%
-
City
$61.72 -6.1% -6.1%

Current Detroit market trends data indicates a decrease of -6.1% in the median asking price per sq ft for Retail Commercial properties compared to the prior 3 months, with a decrease of -6.1% compared to last year's prices. County-wide, asking prices for Retail Commercial properties are -0.2% lower at $77 per sq ft compared to the current median price of $62 per sq ft for Retail Commercial properties in Detroit, MI.

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Office Property Sale Prices - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$35.19 +27.6% +94.9%
-
Metro
$35.19 +27.6% +94.9%

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Multifamily Property Total $ Available For Sale - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
14 -33.3% -62.2%

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Office Property Total $ Available For Sale - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
23 -5.6% -22.1%

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Industrial Property Total $ Available For Sale - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
20 -0.3% -27.4%

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Retail Property Total $ Available For Sale - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
36 -1.0% -14.9%

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Multifamily Property No. of Listings - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
24 -12.6% -29.8%

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Office Property No. of Listings - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
39 -4.1% -29.0%

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Industrial Property No. of Listings - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
25 -8.5% -39.2%

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Retail Property No. of Listings - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
40 -1.1% -29.7%

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Multifamily Property Profile Views (Demand) - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
136 -20.9% -0.7%

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Office Property Profile Views (Demand) - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
146 -17.9% -12.5%

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Industrial Property Profile Views (Demand) - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
258 -8.1% +13.9%

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Retail Property Profile Views (Demand) - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
209 -7.2% +9.3%

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Office Property Total SF Available - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
36 -6.8% -25.5%

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Industrial Property Total SF Available - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
24 +2.1% -29.1%

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Retail Property Total SF Available - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
38 +0.8% -23.9%

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Multifamily Property No. of Units For Sale - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
19 -25.0% -55.1%

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Multifamily Property Days on Market - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
127 +3.2% -10.4%
-
Metro
91 -14.5% -15.5%

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Office Property Days on Market - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
290 +3.1% +7.9%
-
Metro
269 +4.9% +13.7%

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Industrial Property Days on Market - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
264 +1.7% +10.6%
-
Metro
233 -3.3% +16.6%

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Retail Property Days on Market - Sale Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
195 +1.3% +3.9%
-
Metro
176 +0.3% +13.1%

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Office Property Asking Rent - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$14.64 0.0% +0.7%
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Metro
$15.44 -0.1% +1.1%
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County
$15.06 -0.8% +1.0%
-
City
$15.89 +0.4% +7.1%

The average asking rental rate per sq ft/year for Office properties in Detroit, MI as of May 15 was $15.89. This represents an increase of 0.4% compared to the prior 3 months, with an increase of +7.1% year-over-year. County-wide, average rental rates in Detroit are -0.8% lower at $15.06 per sq ft/year for Office properties currently for lease.

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Industrial Property Asking Rent - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$5.44 +1.2% +6.2%
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Metro
$6.03 +2.4% +5.7%
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County
$5.40 +2.5% +3.9%
-
City
$3.53 +5.3% +6.2%

The average asking rental rate per sq ft/year for Industrial properties in Detroit, MI as of May 15 was $3.53. This represents an increase of 5.3% compared to the prior 3 months, with an increase of +6.2% year-over-year. County-wide, average rental rates in Detroit are +2.5% higher at $5.40 per sq ft/year for Industrial properties currently for lease.

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Retail Property Asking Rent - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
$11.57 -0.6% +1.7%
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Metro
$12.73 -0.9% +2.5%
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County
$12.10 -1.3% +0.2%
-
City
$12.02 -3.0% -0.1%

The average asking rental rate per sq ft/year for Retail Commercial properties in Detroit, MI as of May 15 was $12.02. This represents a decrease of -3.0% compared to the prior 3 months, with a decrease of -0.1% year-over-year. County-wide, average rental rates in Detroit are -1.3% lower at $12.10 per sq ft/year for Retail Commercial properties currently for lease.

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Office Property No. of Spaces - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
49 -2.6% -29.6%

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Industrial Property No. of Spaces - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
27 -5.9% -37.7%

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Retail Property No. of Spaces - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
59 -3.6% -28.4%

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Office Property Profile Views (Demand) - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
280 -5.4% +5.1%

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Industrial Property Profile Views (Demand) - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
265 -12.7% +7.5%

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Retail Property Profile Views (Demand) - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
251 -10.0% +3.7%

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Office Property Total SF Available - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
45 -5.5% -34.0%

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Industrial Property Total SF Available - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
28 -4.3% -35.2%

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Retail Property Total SF Available - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
Metro
53 -2.6% -29.4%

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Office Property Days on Market - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
259 -17.6% +9.1%
-
Metro
267 -20.0% +15.7%

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Industrial Property Days on Market - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
256 +8.6% -10.1%
-
Metro
255 +17.2% -2.0%

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Retail Property Days on Market - Lease Trends

  May 15 vs. 3 mo. prior Y-O-Y
-
State
293 +4.9% +20.9%
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Metro
294 +5.8% +25.7%