New Center, Detroit, MI—48202
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Center, Detroit, MI
As of Oct '25, the median home price in New Center, Detroit, MI is $182,000, with a year-over-year change of -7.3%. This indicates that home prices in New Center, Detroit, MI are decreasing. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $182,000 | -7.3% |
| Single Family | $178,000 | -8.2% |
| Condos | $192,000 | -9.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $178,000 | -8.7% |
2 Bed | $240,000 | -3.6% |
3 Bed | $177,000 | -9.7% |
4 Bed | $222,000 | -3.5% |
| 5 Bed | $296,000 | -5.7% |
% of Housing Stock
Rental Trends — New Center, Detroit, MI
As of July '25, Rentcast reports the average rent in New Center, Detroit, MI is $1,570, with a year-over-year rent change of -2.5%. Per bedroom, the median rent as of July '25 in New Center, Detroit, MI is studios: $1,180, 1-bedrooms: $1,300, 2-bedrooms: $1,770, 3-bedrooms: $1,910, 4-bedrooms: $1,780. The most common rental property sizes in New Center, Detroit, MI are 1-bedroom and 2-bedroom, accounting for 45.7% and 23.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,450 | $1,570 |
| Studio Rent | $1,320 | $1,180 |
| 1 Bed Rent | $1,220 | $1,300 |
| 2 Bed Rent | $1,500 | $1,770 |
| 3 Bed Rent | $1,750 | $1,910 |
| 4 Bed Rent | $1,950 | $1,780 |
% of Rental Stock
Property Listings — New Center, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in New Center, Detroit, MI is 55. This is a decrease of -6.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | -6.0% |
Listing Count | 84 | -2.0% |
| Listings as % of Homes | 0.6% | -2.0% |
Days on Market | 55 | -6.0% |
Demographics — New Center, Detroit, MI
As of the latest ACS Survey released in 2023, New Center, Detroit, MI has a population of 14,800, which has decreased by -7.8% over the past 5 years. New Center, Detroit, MI is a less popular place for families, as children make up 11.7% of the population. The area has a moderately educated workforce, with 38.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,800 | -7.8% |
% Under 18 | 11.7% | -5.6% |
% Seniors | 14.1% | 12.8% |
% WFH | 13.0% | 120.3% |
% w/ College Degree | 38.4% | 38.1% |
As of the latest ACS Survey released in 2023, New Center, Detroit, MI is a predominantly black area, with 60.4% of the population identifying as black. The black population has shrunk by 10.3% in the last 5 years. The second most common race or ethnicity in New Center, Detroit, MI is white, making up 26.1% of the population. Foreign-born residents account for 8.2% of the population in New Center, Detroit, MI, and this percentage has increased by 78.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 26.1% | 10.1% |
% Black | 60.4% | -10.3% |
% Hispanic | 3.1% | 40.9% |
% Asian | 6.2% | 47.6% |
% Foreign Born | 8.2% | 78.3% |
Mortgage and Risk — New Center, Detroit, MI
According to HUD data as of 2023, there were 128 mortgage originations in New Center, Detroit, MI, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in New Center, Detroit, MI. Investor activity is low, as 5.0% 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 | 128 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — New Center, Detroit, MI
As of 2024, the percent of homes in New Center, Detroit, MI under the Section 8 program is 26.9%. 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 New Center, 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 | 1,501 |
Total Units Section 8 | 1,478 |
% Rentals under Section 8 | 26.9% |
% Occupied Section 8 | 89.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$240 | $1,220 | $980 |
| 2 Bedroom | -$260 | $1,500 | $1,240 |
| 3 Bedroom | -$230 | $1,750 | $1,520 |
| 4 Bedroom | -$310 | $1,950 | $1,640 |
Affordability — New Center, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.3 |
| Median Home Price | $182,000 |
| Median Household Income | $36,500 |