Chesterfield, MI—48051
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Chesterfield, MI
Home Price Trends — Chesterfield, MI
As of Oct '25, the median home price in Chesterfield, MI is $302,000, with a year-over-year change of 4.7%. This indicates that home prices in Chesterfield, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $302,000 | 4.7% |
| Single Family | $342,000 | 4.6% |
| Condos | $247,000 | 4.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $233,000 | 4.0% |
3 Bed | $328,000 | 5.1% |
4 Bed | $435,000 | 4.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Chesterfield, MI
As of July '25, Rentcast reports the average rent in Chesterfield, MI is $1,680, with a year-over-year rent change of 7.7%. Per bedroom, the median rent as of July '25 in Chesterfield, MI is 1-bedrooms: $822, 2-bedrooms: $1,550, 3-bedrooms: $1,760, 4-bedrooms: $3,750. The most common rental property sizes in Chesterfield, MI are 1-bedroom and 2-bedroom, accounting for 39.0% and 28.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,680 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $822 |
| 2 Bed Rent | $1,700 | $1,550 |
| 3 Bed Rent | $1,700 | $1,760 |
| 4 Bed Rent | $3,750 | $3,750 |
% of Rental Stock
Property Listings — Chesterfield, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Chesterfield, MI is 33. This is a decrease of -35.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $308,000 | -11.0% |
Listing Count | 74 | 24.0% |
| Listings as % of Homes | 0.7% | 24.0% |
Days on Market | 33 | -35.0% |
Demographics — Chesterfield, MI
As of the latest ACS Survey released in 2023, Chesterfield, MI has a population of 17,700, which has decreased by -4.4% over the past 5 years. Chesterfield, MI is a moderately popular place for families, as children make up 23.9% of the population. The area has a poorly educated workforce, with 24.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,700 | -4.4% |
% Under 18 | 23.9% | -0.8% |
% Seniors | 12.8% | 37.6% |
% WFH | 12.9% | 545.0% |
% w/ College Degree | 24.2% | 28.0% |
As of the latest ACS Survey released in 2023, Chesterfield, MI is a predominantly white area, with 79.4% of the population identifying as white. The white population has shrunk by 5.8% in the last 5 years. The second most common race or ethnicity in Chesterfield, MI is black, making up 8.3% of the population. Foreign-born residents account for 3.5% of the population in Chesterfield, MI, and this percentage has decreased by 5.4% 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 | 79.4% | -5.8% |
% Black | 8.3% | -16.2% |
% Hispanic | 5.0% | 35.1% |
% Asian | 0.4% | -20.0% |
% Foreign Born | 3.5% | -5.4% |
Mortgage and Risk — Chesterfield, MI
According to HUD data as of 2023, there were 393 mortgage originations in Chesterfield, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Chesterfield, MI. Investor activity is low, as 0.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 393 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Chesterfield, MI
As of 2024, the percent of homes in Chesterfield, MI under the Section 8 program is 4.9%. 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 units appear to be good home sizes to consider for Section 8 housing in Chesterfield, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 52 |
Total Units Section 8 | 52 |
% Rentals under Section 8 | 4.9% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $315 | $725 | $1,040 |
| 2 Bedroom | -$380 | $1,700 | $1,320 |
| 3 Bedroom | -$80 | $1,700 | $1,620 |
| 4 Bedroom | -$2,000 | $3,750 | $1,750 |
Affordability — Chesterfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $302,000 |
| Median Household Income | $89,900 |