Corktown, Detroit, MI—48216
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Corktown, Detroit, MI
As of Oct '25, the median home price in Corktown, Detroit, MI is $196,000, with a year-over-year change of 9.2%. This indicates that home prices in Corktown, Detroit, MI are increasing. According to Zillow, the 1-year price projection is -1.1%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $196,000 | 9.2% |
| Single Family | $181,000 | 11.7% |
| Condos | $306,000 | 4.4% |
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 | $235,000 | 4.0% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Corktown, Detroit, MI
As of July '25, Rentcast reports the average rent in Corktown, Detroit, MI is $1,960, with a year-over-year rent change of 13.3%. Per bedroom, the median rent as of July '25 in Corktown, Detroit, MI is studios: $1,170, 1-bedrooms: $1,460, 2-bedrooms: $2,260, 3-bedrooms: $2,740, 4-bedrooms: $2,600. The most common rental property sizes in Corktown, Detroit, MI are 2-bedroom and 1-bedroom, accounting for 33.0% and 29.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,960 |
| Studio Rent | $1,140 | $1,170 |
| 1 Bed Rent | $1,200 | $1,460 |
| 2 Bed Rent | $1,800 | $2,260 |
| 3 Bed Rent | $2,950 | $2,740 |
| 4 Bed Rent | $2,700 | $2,600 |
% of Rental Stock
Property Listings — Corktown, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Corktown, Detroit, MI is 46. This is a decrease of -19.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $296,000 | -48.0% |
Listing Count | 28 | 12.0% |
| Listings as % of Homes | 0.6% | 12.0% |
Days on Market | 46 | -19.0% |
Demographics — Corktown, Detroit, MI
As of the latest ACS Survey released in 2023, Corktown, Detroit, MI has a population of 5,680, which has increased by 9.7% over the past 5 years. Corktown, Detroit, MI is a moderately popular place for families, as children make up 24.6% of the population. The area has a moderately educated workforce, with 37.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,680 | 9.7% |
% Under 18 | 24.6% | 28.8% |
% Seniors | 13.4% | 8.9% |
% WFH | 15.3% | 393.5% |
% w/ College Degree | 37.1% | 53.9% |
As of the latest ACS Survey released in 2023, Corktown, Detroit, MI is a predominantly black area, with 37.7% of the population identifying as black. The black population has shrunk by 0.3% in the last 5 years. The second most common race or ethnicity in Corktown, Detroit, MI is white, making up 32.0% of the population. Foreign-born residents account for 7.6% of the population in Corktown, Detroit, MI, and this percentage has decreased by 41.1% 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 | 32.0% | 11.1% |
% Black | 37.7% | -0.3% |
% Hispanic | 23.9% | -22.1% |
% Asian | 1.0% | -16.7% |
% Foreign Born | 7.6% | -41.1% |
Mortgage and Risk — Corktown, Detroit, MI
According to HUD data as of 2023, there were 61 mortgage originations in Corktown, Detroit, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Corktown, Detroit, MI. Investor activity is low, as 5.0% 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 | 61 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Corktown, Detroit, MI
As of 2024, the percent of homes in Corktown, Detroit, MI under the Section 8 program is 14.0%. 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. In Corktown, Detroit, MI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 305 |
Total Units Section 8 | 241 |
% Rentals under Section 8 | 14.0% |
% Occupied Section 8 | 78.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$280 | $1,200 | $920 |
| 2 Bedroom | -$630 | $1,800 | $1,170 |
| 3 Bedroom | -$1,510 | $2,950 | $1,440 |
| 4 Bedroom | -$1,150 | $2,700 | $1,550 |
Affordability — Corktown, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $196,000 |
| Median Household Income | $42,300 |