Southfield, MI—48033
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Southfield, MI
As of Oct '25, the median home price in Southfield, MI is $222,000, with a year-over-year change of 1.5%. This indicates that home prices in Southfield, MI are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $222,000 | 1.5% |
| Single Family | $255,000 | 1.6% |
| Condos | $164,000 | -0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $85,000 | -1.2% |
2 Bed | $166,000 | -0.6% |
3 Bed | $244,000 | 1.7% |
4 Bed | $323,000 | 1.6% |
| 5 Bed | $359,000 | 0.8% |
% of Housing Stock
Rental Trends — Southfield, MI
As of July '25, Rentcast reports the average rent in Southfield, MI is $1,410, with a year-over-year rent change of -12.4%. Per bedroom, the median rent as of July '25 in Southfield, MI is studios: $550, 1-bedrooms: $1,180, 2-bedrooms: $1,400, 3-bedrooms: $1,940. The most common rental property sizes in Southfield, MI are 2-bedroom and 1-bedroom, accounting for 41.4% and 40.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,410 |
| Studio Rent | $300 | $550 |
| 1 Bed Rent | $1,180 | $1,180 |
| 2 Bed Rent | $1,350 | $1,400 |
| 3 Bed Rent | $1,800 | $1,940 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Southfield, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Southfield, MI is 35. This is a increase of 28.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $215,000 | -7.0% |
Listing Count | 54 | 45.0% |
| Listings as % of Homes | 0.2% | 45.0% |
Days on Market | 35 | 28.0% |
Demographics — Southfield, MI
As of the latest ACS Survey released in 2023, Southfield, MI has a population of 16,900, which has increased by 2.7% over the past 5 years. Southfield, MI is a moderately popular place for families, as children make up 18.7% of the population. The area has a moderately educated workforce, with 33.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,900 | 2.7% |
% Under 18 | 18.7% | 6.2% |
% Seniors | 23.6% | 25.5% |
% WFH | 12.1% | 450.0% |
% w/ College Degree | 33.0% | 0.9% |
As of the latest ACS Survey released in 2023, Southfield, MI is a predominantly black area, with 67.9% of the population identifying as black. The black population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Southfield, MI is white, making up 23.6% of the population. Foreign-born residents account for 5.8% of the population in Southfield, MI, and this percentage has decreased by 23.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 23.6% | 16.8% |
% Black | 67.9% | -3.8% |
% Hispanic | 1.1% | -52.2% |
% Asian | 1.8% | -28.0% |
% Foreign Born | 5.8% | -23.7% |
Mortgage and Risk — Southfield, MI
According to HUD data as of 2023, there were 252 mortgage originations in Southfield, MI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Southfield, MI. Investor activity is low, as 1.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 252 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Southfield, MI
Southfield, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 762 |
Total Units Section 8 | 762 |
% Rentals under Section 8 | 18.5% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $1,180 | $1,220 |
| 2 Bedroom | $190 | $1,350 | $1,540 |
| 3 Bedroom | $90 | $1,800 | $1,890 |
| 4 Bedroom | N/A | N/A | $2,040 |
Affordability — Southfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $222,000 |
| Median Household Income | $55,600 |