Old Redford, Detroit, MI—48219
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Old Redford, Detroit, MI
As of Oct '25, the median home price in Old Redford, Detroit, MI is $90,000, with a year-over-year change of 6.0%. This indicates that home prices in Old Redford, Detroit, MI are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $90,000 | 6.0% |
| Single Family | $90,000 | 5.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $62,000 | 1.6% |
3 Bed | $95,000 | 3.3% |
4 Bed | $129,000 | 5.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Old Redford, Detroit, MI
As of July '25, Rentcast reports the average rent in Old Redford, Detroit, MI is $1,250, with a year-over-year rent change of 5.9%. Per bedroom, the median rent as of July '25 in Old Redford, Detroit, MI is studios: $650, 1-bedrooms: $832, 2-bedrooms: $1,160, 3-bedrooms: $1,370, 4-bedrooms: $1,340. The most common rental property sizes in Old Redford, Detroit, MI are 3-bedroom and 1-bedroom, accounting for 38.3% and 26.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,250 |
| Studio Rent | $650 | $650 |
| 1 Bed Rent | $800 | $832 |
| 2 Bed Rent | $1,050 | $1,160 |
| 3 Bed Rent | $1,380 | $1,370 |
| 4 Bed Rent | $1,300 | $1,340 |
% of Rental Stock
Property Listings — Old Redford, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Old Redford, Detroit, MI is 54. This is a decrease of -8.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $102,000 | 8.0% |
Listing Count | 277 | 7.0% |
| Listings as % of Homes | 0.7% | 7.0% |
Days on Market | 54 | -8.0% |
Demographics — Old Redford, Detroit, MI
As of the latest ACS Survey released in 2023, Old Redford, Detroit, MI has a population of 45,800, which has decreased by -5.0% over the past 5 years. Old Redford, Detroit, MI is a moderately popular place for families, as children make up 24.7% of the population. The area has a poorly educated workforce, with 13.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 45,800 | -5.0% |
% Under 18 | 24.7% | 6.5% |
% Seniors | 16.7% | 9.2% |
% WFH | 11.4% | 225.7% |
% w/ College Degree | 13.4% | -10.1% |
As of the latest ACS Survey released in 2023, Old Redford, Detroit, MI is a predominantly black area, with 88.7% of the population identifying as black. The black population has shrunk by 2.8% in the last 5 years. The second most common race or ethnicity in Old Redford, Detroit, MI is white, making up 5.3% of the population. Foreign-born residents account for 1.6% of the population in Old Redford, Detroit, MI, and this percentage has decreased by 42.9% 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 | 5.3% | -10.2% |
% Black | 88.7% | -2.8% |
% Hispanic | 1.2% | 33.3% |
% Asian | 0.2% | -60.0% |
% Foreign Born | 1.6% | -42.9% |
Mortgage and Risk — Old Redford, Detroit, MI
According to HUD data as of 2023, there were 486 mortgage originations in Old Redford, Detroit, MI, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Old Redford, Detroit, MI. Investor activity is low, as 6.0% 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 | 486 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Old Redford, Detroit, MI
As of 2024, the percent of homes in Old Redford, Detroit, MI under the Section 8 program is 21.4%. 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 Old Redford, 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 | 1,778 |
Total Units Section 8 | 1,672 |
% Rentals under Section 8 | 21.4% |
% Occupied Section 8 | 87.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $250 | $800 | $1,050 |
| 2 Bedroom | $280 | $1,050 | $1,330 |
| 3 Bedroom | $250 | $1,380 | $1,630 |
| 4 Bedroom | $460 | $1,300 | $1,760 |
Affordability — Old Redford, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.8 |
| Median Home Price | $90,000 |
| Median Household Income | $43,900 |