Greenfield, Detroit, MI—48235
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Greenfield, Detroit, MI
As of Oct '25, the median home price in Greenfield, Detroit, MI is $92,000, with a year-over-year change of 2.3%. This indicates that home prices in Greenfield, Detroit, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $92,000 | 2.3% |
| Single Family | $93,000 | 1.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $67,000 | 0.0% |
3 Bed | $103,000 | 1.0% |
4 Bed | $134,000 | 3.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Greenfield, Detroit, MI
As of July '25, Rentcast reports the average rent in Greenfield, Detroit, MI is $1,300, with a year-over-year rent change of -3.7%. Per bedroom, the median rent as of July '25 in Greenfield, Detroit, MI is 1-bedrooms: $851, 2-bedrooms: $1,110, 3-bedrooms: $1,380, 4-bedrooms: $1,950. The most common rental property sizes in Greenfield, Detroit, MI are 3-bedroom and 2-bedroom, accounting for 47.1% and 32.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $835 | $851 |
| 2 Bed Rent | $1,100 | $1,110 |
| 3 Bed Rent | $1,350 | $1,380 |
| 4 Bed Rent | $1,450 | $1,950 |
% of Rental Stock
Property Listings — Greenfield, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Greenfield, Detroit, MI is 46. This is a decrease of -5.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $119,000 | 10.0% |
Listing Count | 264 | -5.0% |
| Listings as % of Homes | 0.8% | -5.0% |
Days on Market | 46 | -5.0% |
Demographics — Greenfield, Detroit, MI
As of the latest ACS Survey released in 2023, Greenfield, Detroit, MI has a population of 47,000, which has increased by 4.9% over the past 5 years. Greenfield, Detroit, MI is a popular place for families, as children make up 26.5% of the population. The area has a poorly educated workforce, with 14.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 47,000 | 4.9% |
% Under 18 | 26.5% | 14.7% |
% Seniors | 17.3% | -2.8% |
% WFH | 7.6% | 52.0% |
% w/ College Degree | 14.8% | 13.0% |
As of the latest ACS Survey released in 2023, Greenfield, Detroit, MI is a predominantly black area, with 94.4% of the population identifying as black. The black population has shrunk by 2.2% in the last 5 years. The second most common race or ethnicity in Greenfield, Detroit, MI is white, making up 2.5% of the population. Foreign-born residents account for 1.1% of the population in Greenfield, Detroit, MI, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 2.5% | 92.3% |
% Black | 94.4% | -2.2% |
% Hispanic | 1.4% | 40.0% |
% Asian | 0.3% | 200.0% |
% Foreign Born | 1.1% | 0.0% |
Mortgage and Risk — Greenfield, Detroit, MI
According to HUD data as of 2023, there were 531 mortgage originations in Greenfield, Detroit, MI, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Greenfield, Detroit, MI. Investor activity is low, as 5.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 531 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Greenfield, Detroit, MI
As of 2024, the percent of homes in Greenfield, Detroit, MI under the Section 8 program is 19.3%. 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 Greenfield, Detroit, 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 | 1,816 |
Total Units Section 8 | 1,592 |
% Rentals under Section 8 | 19.3% |
% Occupied Section 8 | 88.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $185 | $835 | $1,020 |
| 2 Bedroom | $190 | $1,100 | $1,290 |
| 3 Bedroom | $230 | $1,350 | $1,580 |
| 4 Bedroom | $260 | $1,450 | $1,710 |
Affordability — Greenfield, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.1 |
| Median Home Price | $92,000 |
| Median Household Income | $41,000 |