Harper Woods, MI—48225
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Harper Woods, MI
As of Oct '25, the median home price in Harper Woods, MI is $152,000, with a year-over-year change of 2.8%. This indicates that home prices in Harper Woods, MI are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $152,000 | 2.8% |
| Single Family | $158,000 | 3.3% |
| Condos | $58,000 | -1.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $89,000 | -2.2% |
3 Bed | $159,000 | 3.9% |
4 Bed | $195,000 | 2.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Harper Woods, MI
As of July '25, Rentcast reports the average rent in Harper Woods, MI is $1,410, with a year-over-year rent change of 4.4%. Per bedroom, the median rent as of July '25 in Harper Woods, MI is 1-bedrooms: $1,040, 2-bedrooms: $1,230, 3-bedrooms: $1,540, 4-bedrooms: $1,720. The most common rental property sizes in Harper Woods, MI are 3-bedroom and 2-bedroom, accounting for 52.0% and 19.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $975 | $1,040 |
| 2 Bed Rent | $1,100 | $1,230 |
| 3 Bed Rent | $1,600 | $1,540 |
| 4 Bed Rent | $1,600 | $1,720 |
% of Rental Stock
Property Listings — Harper Woods, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Harper Woods, MI is 41. This is a decrease of -33.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $152,000 | 12.0% |
Listing Count | 119 | -4.0% |
| Listings as % of Homes | 1.1% | -4.0% |
Days on Market | 41 | -33.0% |
Demographics — Harper Woods, MI
As of the latest ACS Survey released in 2023, Harper Woods, MI has a population of 16,300, which has increased by 14.1% over the past 5 years. Harper Woods, MI is a popular place for families, as children make up 26.9% of the population. The area has a poorly educated workforce, with 23.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,300 | 14.1% |
% Under 18 | 26.9% | 7.2% |
% Seniors | 13.9% | 2.2% |
% WFH | 8.6% | 473.3% |
% w/ College Degree | 23.4% | 3.5% |
As of the latest ACS Survey released in 2023, Harper Woods, MI is a predominantly black area, with 66.2% of the population identifying as black. The black population has grown by 11.6% in the last 5 years. The second most common race or ethnicity in Harper Woods, MI is white, making up 28.3% of the population. Foreign-born residents account for 2.4% of the population in Harper Woods, MI, and this percentage has decreased by 41.5% 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 | 28.3% | -13.5% |
% Black | 66.2% | 11.6% |
% Hispanic | 1.5% | 87.5% |
% Asian | 0.4% | -81.8% |
% Foreign Born | 2.4% | -41.5% |
Mortgage and Risk — Harper Woods, MI
According to HUD data as of 2023, there were 292 mortgage originations in Harper Woods, MI, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 51.0% above 90% LTV (very high). This implies large mortgage risk in Harper Woods, MI. Investor activity is low, as 4.0% 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 | 292 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Harper Woods, MI
As of 2024, the percent of homes in Harper Woods, MI under the Section 8 program is 21.7%. 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. In Harper Woods, MI, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 448 |
Total Units Section 8 | 448 |
% Rentals under Section 8 | 21.7% |
% Occupied Section 8 | 88.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $285 | $975 | $1,260 |
| 2 Bedroom | $490 | $1,100 | $1,590 |
| 3 Bedroom | $350 | $1,600 | $1,950 |
| 4 Bedroom | $510 | $1,600 | $2,110 |
Affordability — Harper Woods, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $152,000 |
| Median Household Income | $59,200 |