Ferndale, MI—48220
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ferndale, MI
As of Oct '25, the median home price in Ferndale, MI is $245,000, with a year-over-year change of 1.3%. This indicates that home prices in Ferndale, MI are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $245,000 | 1.3% |
| Single Family | $245,000 | 1.2% |
| Condos | $241,000 | 2.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $180,000 | 2.9% |
2 Bed | $208,000 | 1.5% |
3 Bed | $263,000 | 1.2% |
4 Bed | $306,000 | 2.0% |
| 5 Bed | $312,000 | 2.3% |
% of Housing Stock
Rental Trends — Ferndale, MI
As of July '25, Rentcast reports the average rent in Ferndale, MI is $1,760, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Ferndale, MI is studios: $725, 1-bedrooms: $1,440, 2-bedrooms: $1,760, 3-bedrooms: $1,970, 4-bedrooms: $2,750. The most common rental property sizes in Ferndale, MI are 2-bedroom and 1-bedroom, accounting for 41.1% and 30.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,680 | $1,760 |
| Studio Rent | $725 | $725 |
| 1 Bed Rent | $1,220 | $1,440 |
| 2 Bed Rent | $1,600 | $1,760 |
| 3 Bed Rent | $1,900 | $1,970 |
| 4 Bed Rent | $2,450 | $2,750 |
% of Rental Stock
Property Listings — Ferndale, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Ferndale, MI is 34. This is a increase of 24.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 53.0%, 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 | -2.0% |
Listing Count | 124 | 14.0% |
| Listings as % of Homes | 0.5% | 14.0% |
Days on Market | 34 | 24.0% |
Demographics — Ferndale, MI
As of the latest ACS Survey released in 2023, Ferndale, MI has a population of 21,500, which has decreased by -5.7% over the past 5 years. Ferndale, MI is a less popular place for families, as children make up 13.2% of the population. The area has a highly educated workforce, with 52.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 24.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,500 | -5.7% |
% Under 18 | 13.2% | 4.8% |
% Seniors | 11.8% | 8.3% |
% WFH | 24.8% | 451.1% |
% w/ College Degree | 52.7% | 24.0% |
As of the latest ACS Survey released in 2023, Ferndale, MI is a predominantly white area, with 72.4% of the population identifying as white. The white population has shrunk by 4.1% in the last 5 years. The second most common race or ethnicity in Ferndale, MI is black, making up 15.4% of the population. Foreign-born residents account for 4.5% of the population in Ferndale, MI, and this percentage has increased by 40.6% 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 | 72.4% | -4.1% |
% Black | 15.4% | -2.5% |
% Hispanic | 4.5% | 87.5% |
% Asian | 2.6% | 160.0% |
% Foreign Born | 4.5% | 40.6% |
Mortgage and Risk — Ferndale, MI
According to HUD data as of 2023, there were 572 mortgage originations in Ferndale, MI, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Ferndale, MI. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 572 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Ferndale, MI
As of 2024, the percent of homes in Ferndale, MI under the Section 8 program is 4.2%. 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. In Ferndale, 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 | 495 |
Total Units Section 8 | 197 |
% Rentals under Section 8 | 4.2% |
% Occupied Section 8 | 91.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $1,220 | $1,170 |
| 2 Bedroom | -$120 | $1,600 | $1,480 |
| 3 Bedroom | -$90 | $1,900 | $1,810 |
| 4 Bedroom | -$490 | $2,450 | $1,960 |
Affordability — Ferndale, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $245,000 |
| Median Household Income | $86,100 |