Berkley, MI—48072
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Berkley, MI
As of Oct '25, the median home price in Berkley, MI is $306,000, with a year-over-year change of 2.5%. This indicates that home prices in Berkley, MI are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $306,000 | 2.5% |
| Single Family | $306,000 | 2.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $248,000 | 3.3% |
3 Bed | $312,000 | 2.3% |
4 Bed | $371,000 | 3.1% |
| 5 Bed | $422,000 | 3.7% |
% of Housing Stock
Rental Trends — Berkley, MI
As of July '25, Rentcast reports the average rent in Berkley, MI is $2,010, with a year-over-year rent change of -6.9%. Per bedroom, the median rent as of July '25 in Berkley, MI is studios: $800, 1-bedrooms: $1,190, 2-bedrooms: $1,840, 3-bedrooms: $2,320, 4-bedrooms: $2,450. The most common rental property sizes in Berkley, MI are 3-bedroom and 2-bedroom, accounting for 35.8% and 32.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,010 |
| Studio Rent | $800 | $800 |
| 1 Bed Rent | $1,270 | $1,190 |
| 2 Bed Rent | $1,850 | $1,840 |
| 3 Bed Rent | $2,400 | $2,320 |
| 4 Bed Rent | $2,340 | $2,450 |
% of Rental Stock
Property Listings — Berkley, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Berkley, MI is 34. This is a increase of 30.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $327,000 | -2.0% |
Listing Count | 63 | 18.0% |
| Listings as % of Homes | 0.3% | 18.0% |
Days on Market | 34 | 30.0% |
Demographics — Berkley, MI
As of the latest ACS Survey released in 2023, Berkley, MI has a population of 15,100, which has decreased by -1.8% over the past 5 years. Berkley, MI is a moderately popular place for families, as children make up 19.5% of the population. The area has a highly educated workforce, with 58.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,100 | -1.8% |
% Under 18 | 19.5% | -8.0% |
% Seniors | 14.0% | 19.7% |
% WFH | 20.3% | 351.1% |
% w/ College Degree | 58.1% | 11.7% |
As of the latest ACS Survey released in 2023, Berkley, MI is a predominantly white area, with 85.9% of the population identifying as white. The white population has shrunk by 2.8% in the last 5 years. The second most common race or ethnicity in Berkley, MI is hispanic, making up 3.4% of the population. Foreign-born residents account for 2.7% of the population in Berkley, MI, and this percentage has decreased by 35.7% 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 | 85.9% | -2.8% |
% Black | 2.0% | -50.0% |
% Hispanic | 3.4% | -2.9% |
% Asian | 0.9% | -10.0% |
% Foreign Born | 2.7% | -35.7% |
Mortgage and Risk — Berkley, MI
According to HUD data as of 2023, there were 383 mortgage originations in Berkley, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Berkley, MI. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 383 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Berkley, MI
As of 2024, the percent of homes in Berkley, MI under the Section 8 program is 1.9%. 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 Berkley, 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 | 18 |
Total Units Section 8 | 18 |
% Rentals under Section 8 | 1.9% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,270 | $1,290 |
| 2 Bedroom | -$220 | $1,850 | $1,630 |
| 3 Bedroom | -$400 | $2,400 | $2,000 |
| 4 Bedroom | -$180 | $2,340 | $2,160 |
Affordability — Berkley, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $306,000 |
| Median Household Income | $113,000 |