Chesterfield, MI—48047
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Chesterfield, MI
Home Price Trends — Chesterfield, MI
As of Oct '25, the median home price in Chesterfield, MI is $333,000, with a year-over-year change of 4.9%. This indicates that home prices in Chesterfield, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $333,000 | 4.9% |
| Single Family | $354,000 | 4.4% |
| Condos | $203,000 | 2.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $193,000 | 3.2% |
3 Bed | $354,000 | 4.4% |
4 Bed | $431,000 | 4.1% |
| 5 Bed | $495,000 | 2.9% |
% of Housing Stock
Rental Trends — Chesterfield, MI
As of July '25, Rentcast reports the average rent in Chesterfield, MI is $1,650, with a year-over-year rent change of 17.0%. Per bedroom, the median rent as of July '25 in Chesterfield, MI is 1-bedrooms: $974, 2-bedrooms: $1,610, 3-bedrooms: $2,870, 4-bedrooms: $1,950. The most common rental property sizes in Chesterfield, MI are 2-bedroom and 1-bedroom, accounting for 57.2% and 26.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,650 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $950 | $974 |
| 2 Bed Rent | $1,400 | $1,610 |
| 3 Bed Rent | $2,300 | $2,870 |
| 4 Bed Rent | $1,950 | $1,950 |
% of Rental Stock
Property Listings — Chesterfield, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Chesterfield, MI is 40. This is a decrease of -13.0% 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 | $439,000 | 6.0% |
Listing Count | 157 | 9.0% |
| Listings as % of Homes | 0.7% | 9.0% |
Days on Market | 40 | -13.0% |
Demographics — Chesterfield, MI
As of the latest ACS Survey released in 2023, Chesterfield, MI has a population of 39,800, which has decreased by -1.5% over the past 5 years. Chesterfield, MI is a moderately popular place for families, as children make up 20.5% of the population. The area has a moderately educated workforce, with 28.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,800 | -1.5% |
% Under 18 | 20.5% | -11.6% |
% Seniors | 17.1% | 14.8% |
% WFH | 11.1% | 282.8% |
% w/ College Degree | 28.7% | 2.9% |
As of the latest ACS Survey released in 2023, Chesterfield, MI is a predominantly white area, with 85.1% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Chesterfield, MI is black, making up 5.5% of the population. Foreign-born residents account for 3.2% of the population in Chesterfield, MI, and this percentage has decreased by 13.5% 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 | 85.1% | -3.8% |
% Black | 5.5% | 27.9% |
% Hispanic | 3.7% | 32.1% |
% Asian | 1.5% | -11.8% |
% Foreign Born | 3.2% | -13.5% |
Mortgage and Risk — Chesterfield, MI
According to HUD data as of 2023, there were 861 mortgage originations in Chesterfield, MI, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Chesterfield, MI. Investor activity is low, as 2.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 861 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Chesterfield, MI
As of 2024, the percent of homes in Chesterfield, MI under the Section 8 program is 6.9%. 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 Chesterfield, 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 | 209 |
Total Units Section 8 | 209 |
% Rentals under Section 8 | 6.9% |
% Occupied Section 8 | 91.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $50 | $950 | $1,000 |
| 2 Bedroom | -$140 | $1,400 | $1,260 |
| 3 Bedroom | -$760 | $2,300 | $1,540 |
| 4 Bedroom | -$280 | $1,950 | $1,670 |
Affordability — Chesterfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $333,000 |
| Median Household Income | $95,400 |