Southfield, MI—48034
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 $255,000, with a year-over-year change of 3.0%. This indicates that home prices in Southfield, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $255,000 | 3.0% |
| Single Family | $358,000 | 1.1% |
| Condos | $184,000 | 3.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $179,000 | 4.7% |
3 Bed | $236,000 | 2.2% |
4 Bed | $390,000 | 2.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Southfield, MI
As of July '25, Rentcast reports the average rent in Southfield, MI is $1,560, with a year-over-year rent change of -19.2%. Per bedroom, the median rent as of July '25 in Southfield, MI is studios: $1,070, 1-bedrooms: $1,160, 2-bedrooms: $2,090, 3-bedrooms: $1,760, 4-bedrooms: $2,600. The most common rental property sizes in Southfield, MI are 2-bedroom and 1-bedroom, accounting for 45.9% and 40.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,560 |
| Studio Rent | $995 | $1,070 |
| 1 Bed Rent | $1,060 | $1,160 |
| 2 Bed Rent | $2,300 | $2,090 |
| 3 Bed Rent | $1,620 | $1,760 |
| 4 Bed Rent | $2,200 | $2,600 |
% 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 34. This is a increase of 53.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $339,000 | 26.0% |
Listing Count | 23 | 16.0% |
| Listings as % of Homes | 0.1% | 16.0% |
Days on Market | 34 | 53.0% |
Demographics — Southfield, MI
As of the latest ACS Survey released in 2023, Southfield, MI has a population of 15,200, which has increased by 10.1% over the past 5 years. Southfield, MI is a less popular place for families, as children make up 13.9% of the population. The area has a moderately educated workforce, with 40.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,200 | 10.1% |
% Under 18 | 13.9% | -10.9% |
% Seniors | 23.4% | 9.3% |
% WFH | 12.0% | 361.5% |
% w/ College Degree | 40.2% | -11.5% |
As of the latest ACS Survey released in 2023, Southfield, MI is a predominantly black area, with 66.6% of the population identifying as black. The black population has shrunk by 5.0% in the last 5 years. The second most common race or ethnicity in Southfield, MI is white, making up 19.3% of the population. Foreign-born residents account for 14.6% of the population in Southfield, MI, and this percentage has increased by 19.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 19.3% | -4.5% |
% Black | 66.6% | -5.0% |
% Hispanic | 2.7% | 22.7% |
% Asian | 3.8% | -13.6% |
% Foreign Born | 14.6% | 19.7% |
Mortgage and Risk — Southfield, MI
According to HUD data as of 2023, there were 109 mortgage originations in Southfield, MI, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Southfield, MI. Investor activity is low, as 2.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 109 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Southfield, MI
As of 2024, the percent of homes in Southfield, MI under the Section 8 program is 3.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Southfield, MI, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 209 |
Total Units Section 8 | 209 |
% Rentals under Section 8 | 3.4% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $1,060 | $1,250 |
| 2 Bedroom | -$720 | $2,300 | $1,580 |
| 3 Bedroom | $320 | $1,620 | $1,940 |
| 4 Bedroom | -$110 | $2,200 | $2,090 |
Affordability — Southfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $255,000 |
| Median Household Income | $59,600 |