Virginia Park, Detroit, MI—48206
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Virginia Park, Detroit, MI
As of Oct '25, the median home price in Virginia Park, Detroit, MI is $86,000, with a year-over-year change of -10.4%. This indicates that home prices in Virginia Park, Detroit, MI are decreasing. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $86,000 | -10.4% |
| Single Family | $86,000 | -9.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $70,000 | -1.4% |
4 Bed | $142,000 | 2.2% |
| 5 Bed | $212,000 | -4.5% |
% of Housing Stock
Rental Trends — Virginia Park, Detroit, MI
As of July '25, Rentcast reports the average rent in Virginia Park, Detroit, MI is $1,460, with a year-over-year rent change of 6.6%. Per bedroom, the median rent as of July '25 in Virginia Park, Detroit, MI is studios: $750, 1-bedrooms: $1,130, 2-bedrooms: $1,180, 3-bedrooms: $1,350, 4-bedrooms: $1,930. The most common rental property sizes in Virginia Park, Detroit, MI are 2-bedroom and 3-bedroom, accounting for 38.0% and 31.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,460 |
| Studio Rent | $750 | $750 |
| 1 Bed Rent | $1,040 | $1,130 |
| 2 Bed Rent | $1,100 | $1,180 |
| 3 Bed Rent | $1,250 | $1,350 |
| 4 Bed Rent | $1,600 | $1,930 |
% of Rental Stock
Property Listings — Virginia Park, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Virginia Park, Detroit, MI is 53. This is a decrease of -6.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $227,000 | 26.0% |
Listing Count | 123 | 14.0% |
| Listings as % of Homes | 0.7% | 14.0% |
Days on Market | 53 | -6.0% |
Demographics — Virginia Park, Detroit, MI
As of the latest ACS Survey released in 2023, Virginia Park, Detroit, MI has a population of 16,400, which has increased by 4.5% over the past 5 years. Virginia Park, Detroit, MI is a moderately popular place for families, as children make up 21.3% of the population. The area has a poorly educated workforce, with 23.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,400 | 4.5% |
% Under 18 | 21.3% | 4.9% |
% Seniors | 14.1% | -10.8% |
% WFH | 15.9% | 430.0% |
% w/ College Degree | 23.6% | 65.0% |
As of the latest ACS Survey released in 2023, Virginia Park, Detroit, MI is a predominantly black area, with 80.7% of the population identifying as black. The black population has shrunk by 9.3% in the last 5 years. The second most common race or ethnicity in Virginia Park, Detroit, MI is white, making up 11.9% of the population. Foreign-born residents account for 4.2% of the population in Virginia Park, Detroit, MI, and this percentage has increased by 162.5% 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 | 11.9% | 116.4% |
% Black | 80.7% | -9.3% |
% Hispanic | 3.5% | 66.7% |
% Asian | 0.9% | 80.0% |
% Foreign Born | 4.2% | 162.5% |
Mortgage and Risk — Virginia Park, Detroit, MI
According to HUD data as of 2023, there were 160 mortgage originations in Virginia Park, Detroit, MI, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Virginia Park, Detroit, MI. Investor activity is low, as 8.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 160 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 8.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Virginia Park, Detroit, MI
As of 2024, the percent of homes in Virginia Park, Detroit, MI under the Section 8 program is 20.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Virginia Park, Detroit, MI, because HUD payments exceed market rent, while 1-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 716 |
Total Units Section 8 | 665 |
% Rentals under Section 8 | 20.1% |
% Occupied Section 8 | 84.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$120 | $1,040 | $920 |
| 2 Bedroom | $70 | $1,100 | $1,170 |
| 3 Bedroom | $190 | $1,250 | $1,440 |
| 4 Bedroom | -$50 | $1,600 | $1,550 |
Affordability — Virginia Park, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.9 |
| Median Home Price | $86,000 |
| Median Household Income | $43,700 |