Detroit, MI Market Trends

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Multifamily Property Asking Price Index - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$30,029.07 +2.4% +9.8%
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Metro
$27,072.00 +3.2% +14.8%
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County
$20,313.40 +2.2% +14.7%
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City
$10,782.13 0.0% -12.9%

Current Detroit market trends data indicates a decrease of 0.0% in the median asking price per unit for Multifamily properties compared to the prior 3 months, with a decrease of -12.9% compared to last year's prices. County-wide, asking prices for Multifamily properties are 2.2% higher at $20,313 per unit compared to the current median price of $10,782 per unit for Multifamily properties in Detroit, MI.

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Office Property Asking Price Index - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$73.09 +1.4% +3.5%
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Metro
$80.45 +2.2% +5.3%
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County
$72.32 +4.3% +15.1%
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City
$42.49 +11.3% +22.1%

Current Detroit market trends data indicates an increase of +11.3% in the median asking price per sq ft for Office properties compared to the prior 3 months, with an increase of +22.1% compared to last year's prices. County-wide, asking prices for Office properties are 4.3% higher at $72 per sq ft compared to the current median price of $42 per sq ft for Office properties in Detroit, MI.

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Industrial Property Asking Price Index - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$35.93 +3.1% +9.1%
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Metro
$40.08 +3.3% +9.7%
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County
$33.26 +4.1% +10.0%
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City
$14.75 +11.8% +10.7%

Current Detroit market trends data indicates an increase of +11.8% in the median asking price per sq ft for Industrial properties compared to the prior 3 months, with an increase of +10.7% compared to last year's prices. County-wide, asking prices for Industrial properties are 4.1% higher at $33 per sq ft compared to the current median price of $15 per sq ft for Industrial properties in Detroit, MI.

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Retail Property Asking Price Index - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$76.32 +0.5% +4.9%
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Metro
$85.46 +0.7% +6.6%
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County
$76.86 -1.9% +4.1%
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City
$63.58 -3.3% +9.8%

Current Detroit market trends data indicates a decrease of -3.3% in the median asking price per sq ft for Retail Commercial properties compared to the prior 3 months, with an increase of +9.8% compared to last year's prices. County-wide, asking prices for Retail Commercial properties are -1.9% lower at $77 per sq ft compared to the current median price of $64 per sq ft for Retail Commercial properties in Detroit, MI.

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Office Property Sale Prices - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$24.82 +37.5% +9.2%
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Metro
$24.82 +37.5% +9.2%

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Industrial Property Sale Prices - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$38.76 +31.4% +68.2%
-
Metro
$38.76 +31.4% +68.2%

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Multifamily Property Total $ Available For Sale - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
26 -26.9% +19.4%

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Office Property Total $ Available For Sale - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
23 -23.2% -16.6%

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Industrial Property Total $ Available For Sale - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
19 -28.4% -11.6%

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Retail Property Total $ Available For Sale - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
31 -25.9% +7.2%

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Multifamily Property No. of Listings - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
28 -18.4% +14.5%

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Office Property No. of Listings - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
41 -24.6% -3.2%

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Industrial Property No. of Listings - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
29 -28.7% -12.2%

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Retail Property No. of Listings - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
41 -27.3% +3.2%

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Multifamily Property Profile Views (Demand) - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
132 -3.7% +0.0%

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Office Property Profile Views (Demand) - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
149 -10.7% +3.1%

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Industrial Property Profile Views (Demand) - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
190 -15.8% -8.5%

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Retail Property Profile Views (Demand) - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
178 -6.8% +5.2%

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Office Property Total SF Available - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
38 -21.8% -8.1%

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Industrial Property Total SF Available - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
23 -30.0% -27.4%

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Retail Property Total SF Available - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
36 -28.6% +4.0%

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Multifamily Property No. of Units For Sale - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
33 -23.7% -5.0%

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Multifamily Property Days on Market - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
137 -3.8% -10.5%
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Metro
117 +8.6% -6.2%

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Office Property Days on Market - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
273 +1.8% +14.9%
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Metro
232 -2.1% +7.9%

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Industrial Property Days on Market - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
236 -1.3% -11.4%
-
Metro
202 +0.6% -13.3%

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Retail Property Days on Market - Sale Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
207 +10.9% +18.5%
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Metro
163 +4.3% +1.8%

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Office Property Asking Rent - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$14.48 -0.3% -0.1%
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Metro
$15.28 +0.0% -0.6%
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County
$14.91 0.0% +0.9%
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City
$15.32 +3.2% +2.4%

The average asking rental rate per sq ft/year for Office properties in Detroit, MI as of Aug 14 was $15.32. This represents an increase of 3.2% compared to the prior 3 months, with an increase of +2.4% year-over-year. County-wide, average rental rates in Detroit are 0.0% lower at $14.91 per sq ft/year for Office properties currently for lease.

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Industrial Property Asking Rent - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$5.21 +1.7% +4.1%
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Metro
$5.78 +1.3% +4.9%
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County
$5.27 +1.4% -0.3%
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City
$3.30 -0.6% -5.7%

The average asking rental rate per sq ft/year for Industrial properties in Detroit, MI as of Aug 14 was $3.30. This represents a decrease of -0.6% compared to the prior 3 months, with a decrease of -5.7% year-over-year. County-wide, average rental rates in Detroit are +1.4% higher at $5.27 per sq ft/year for Industrial properties currently for lease.

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Retail Property Asking Rent - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
$11.49 +1.1% +1.7%
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Metro
$12.57 +1.2% +0.4%
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County
$12.04 -0.3% +0.0%
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City
$11.87 -1.4% -4.9%

The average asking rental rate per sq ft/year for Retail Commercial properties in Detroit, MI as of Aug 14 was $11.87. This represents a decrease of -1.4% compared to the prior 3 months, with a decrease of -4.9% year-over-year. County-wide, average rental rates in Detroit are -0.3% lower at $12.04 per sq ft/year for Retail Commercial properties currently for lease.

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Office Property No. of Spaces - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
52 -25.5% -5.5%

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Industrial Property No. of Spaces - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
32 -27.7% -14.2%

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Retail Property No. of Spaces - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
63 -24.6% +5.3%

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Office Property Profile Views (Demand) - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
264 -0.8% +13.7%

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Industrial Property Profile Views (Demand) - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
247 +0.2% +22.2%

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Retail Property Profile Views (Demand) - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
250 +3.3% +14.5%

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Office Property Total SF Available - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
51 -25.0% -13.2%

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Industrial Property Total SF Available - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
31 -28.4% -19.6%

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Retail Property Total SF Available - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
Metro
56 -26.0% -0.3%

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Office Property Days on Market - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
261 +9.2% +44.6%
-
Metro
261 +12.9% +110.9%

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Industrial Property Days on Market - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
339 +19.7% +74.0%
-
Metro
295 +14.6% +56.5%

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Retail Property Days on Market - Lease Trends

  Aug 14 vs. 3 mo. prior Y-O-Y
-
State
280 +14.8% +17.3%
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Metro
266 +15.4% +66.5%