Redford, MI 48240 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Redford, MI—48240

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$152,000

1.4% YoY Growth

Household Income

$58,000

7.2% YoY Growth

Days on Market

43.0% Longer YoY

Home Price Forecast

1.9%

Median Rent

$1,500

1.4% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,300

10.0% YoY Growth

3-Bed Rent

$1,500

2.6% YoY Growth

Other Zip Codes in Redford, MI

48239

Home Price Trends — Redford, MI

As of Nov '25, the median home price in Redford, MI is $152,000, with a year-over-year change of 1.4%. This indicates that home prices in Redford, MI are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$152,000	1.4%
Single Family	$152,000	0.7%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Redford, MI

As of July '25, Rentcast reports the average rent in Redford, MI is $1,500, with a year-over-year rent change of 1.4%. Per bedroom, the median rent as of July '25 in Redford, MI is 2-bedrooms: $1,320, 3-bedrooms: $1,600, 4-bedrooms: $1,600. The most common rental property sizes in Redford, MI are 3-bedroom and 2-bedroom, accounting for 56.8% and 33.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,500	$1,500
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	$1,300	$1,320
3 Bed Rent	$1,500	$1,600
4 Bed Rent	$1,600	$1,600

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% of Rental Stock

Studio

0.8%

1 Bedroom

2.0%

2 Bedrooms

33.3%

3 Bedrooms

56.8%

4 Bedrooms

4.9%

5+ Bedrooms

2.0%

Property Listings — Redford, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Redford, MI is 51. This is a increase of 43.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$162,000	-2.0%
Listing Count	72	-4.0%
Listings as % of Homes	0.6%	-4.0%
Days on Market	51	43.0%

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Demographics — Redford, MI

As of the latest ACS Survey released in 2023, Redford, MI has a population of 17,100, which has decreased by -1.7% over the past 5 years. Redford, MI is a moderately popular place for families, as children make up 21.2% of the population. The area has a poorly educated workforce, with 22.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	17,100	-1.7%
% Under 18	21.2%	-3.6%
% Seniors	12.9%	7.5%
% WFH	8.4%	250.0%
% w/ College Degree	22.2%	29.8%

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As of the latest ACS Survey released in 2023, Redford, MI is a predominantly white area, with 44.8% of the population identifying as white. The white population has shrunk by 16.6% in the last 5 years. The second most common race or ethnicity in Redford, MI is black, making up 39.8% of the population. Foreign-born residents account for 4.0% of the population in Redford, MI, and this percentage has decreased by 11.1% 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	44.8%	-16.6%
% Black	39.8%	2.6%
% Hispanic	6.1%	96.8%
% Asian	0.8%	-20.0%
% Foreign Born	4.0%	-11.1%

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Mortgage and Risk — Redford, MI

According to HUD data as of 2023, there were 375 mortgage originations in Redford, MI, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 51.0% above 90% LTV (very high). This implies large mortgage risk in Redford, MI. Investor activity is low, as 4.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	375
% Conventional Loans	68.0%
% Government Loans	32.0%
% Investor Loans	4.0%
% Second Loans	0.0%
% Cash Out Refinance	16.0%

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Rentals and Section 8 — Redford, MI

Redford, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	161
Total Units Section 8	161
% Rentals under Section 8	8.8%
% Occupied Section 8	85.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$1,260
2 Bedroom	$290	$1,300	$1,590
3 Bedroom	$450	$1,500	$1,950
4 Bedroom	$510	$1,600	$2,110

Redford, MI—48240

Key Metrics at a Glance

Other Zip Codes in Redford, MI

Home Price Trends — Redford, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Redford, MI

% of Rental Stock

Property Listings — Redford, MI

Demographics — Redford, MI

Race and Ethnicity

Mortgage and Risk — Redford, MI

Mortgages

Rentals and Section 8 — Redford, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Redford, MI

Home Price to Income Ratio

Redford, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Southfield, MI

Old Redford, Detroit, MI

Redford, MI

Farmington Hills, MI

Rosedale Park, Detroit, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.4
Median Home Price	$152,000
Median Household Income	$58,000

Redford, MI—48240

Key Metrics at a Glance

Other Zip Codes in Redford, MI

Home Price Trends — Redford, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Redford, MI

% of Rental Stock

Property Listings — Redford, MI

Demographics — Redford, MI

Race and Ethnicity

Mortgage and Risk — Redford, MI

Mortgages

Rentals and Section 8 — Redford, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Redford, MI

Home Price to Income Ratio

Redford, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Southfield, MI

Old Redford, Detroit, MI

Redford, MI

Farmington Hills, MI

Rosedale Park, Detroit, MI

Frequently Asked Questions

What is the average home price in Redford, MI 48240?

How have home prices in Redford, MI 48240 changed over the past year?

What is the home price projection for Redford, MI 48240?

What are the demographics of Redford, MI 48240?

How long does it take homes to sell in Redford, MI 48240?

What is the average rent price in Redford, MI 48240?