Southfield, MI—48075
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Southfield, MI
As of Oct '25, the median home price in Southfield, MI is $233,000, with a year-over-year change of -0.1%. This indicates that home prices in Southfield, MI are flat. 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 | $233,000 | -0.1% |
| Single Family | $259,000 | 0.8% |
| Condos | $169,000 | -0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $103,000 | -5.5% |
2 Bed | $175,000 | 0.0% |
3 Bed | $248,000 | 0.8% |
4 Bed | $319,000 | -0.9% |
| 5 Bed | $366,000 | -0.8% |
% of Housing Stock
Rental Trends — Southfield, MI
As of July '25, Rentcast reports the average rent in Southfield, MI is $1,820, with a year-over-year rent change of 2.8%. Per bedroom, the median rent as of July '25 in Southfield, MI is studios: $810, 1-bedrooms: $1,190, 2-bedrooms: $1,860, 3-bedrooms: $1,780, 4-bedrooms: $2,990. The most common rental property sizes in Southfield, MI are 2-bedroom and 1-bedroom, accounting for 50.4% and 27.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,820 |
| Studio Rent | $700 | $810 |
| 1 Bed Rent | $1,160 | $1,190 |
| 2 Bed Rent | $1,800 | $1,860 |
| 3 Bed Rent | $1,800 | $1,780 |
| 4 Bed Rent | $2,700 | $2,990 |
% of Rental Stock
Property Listings — Southfield, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Southfield, MI is 38. This is a decrease of -17.0% 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 | $210,000 | -13.0% |
Listing Count | 72 | 3.0% |
| Listings as % of Homes | 0.5% | 3.0% |
Days on Market | 38 | -17.0% |
Demographics — Southfield, MI
As of the latest ACS Survey released in 2023, Southfield, MI has a population of 23,200, which has increased by 5.0% over the past 5 years. Southfield, MI is a moderately popular place for families, as children make up 21.9% of the population. The area has a moderately educated workforce, with 39.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,200 | 5.0% |
% Under 18 | 21.9% | 13.5% |
% Seniors | 19.9% | -4.3% |
% WFH | 17.1% | 288.6% |
% w/ College Degree | 39.2% | 16.7% |
As of the latest ACS Survey released in 2023, Southfield, MI is a predominantly black area, with 65.1% of the population identifying as black. The black population has shrunk by 12.9% in the last 5 years. The second most common race or ethnicity in Southfield, MI is white, making up 25.8% of the population. Foreign-born residents account for 3.9% of the population in Southfield, MI, and this percentage has decreased by 27.8% 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 | 25.8% | 40.2% |
% Black | 65.1% | -12.9% |
% Hispanic | 1.0% | -50.0% |
% Asian | 0.8% | -42.9% |
% Foreign Born | 3.9% | -27.8% |
Mortgage and Risk — Southfield, MI
According to HUD data as of 2023, there were 400 mortgage originations in Southfield, MI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Southfield, MI. Investor activity is low, as 2.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 400 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Southfield, MI
As of 2024, the percent of homes in Southfield, MI under the Section 8 program is 5.9%. 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 and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Southfield, MI, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 232 |
Total Units Section 8 | 231 |
% Rentals under Section 8 | 5.9% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $1,160 | $1,230 |
| 2 Bedroom | -$250 | $1,800 | $1,550 |
| 3 Bedroom | $100 | $1,800 | $1,900 |
| 4 Bedroom | -$640 | $2,700 | $2,060 |
Affordability — Southfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $233,000 |
| Median Household Income | $67,600 |