48240 — Wayne County, Michigan Market Snapshot
Housing market data for zip code 48240 in Wayne County, Michigan. Updated monthly with median prices, days on market, and more.
Market Sales Data
52 sales in 2026 (year to date)
Median Sale Price
$167,500
Days to Sell
39
Homes Sold
52
Inventory
39
Sale-to-List
99.7%
New Listings
74
Price/SqFt
$140
Pending Sales
67
Conforming Loan Available
Most homebuyers in 48240 can comfortably use conventional financing. The median home price of $167,500 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
48240's market is balanced with homes taking an average of 39 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
Homes are selling very close to asking price in 48240 (99.7% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 48240 can comfortably use conventional financing. The median home price of $167,500 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 48240 are set at the county level.
2026 Loan Limits — Wayne County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $541,287 |
| 2 Units | $1,066,250 | $693,050 |
| 3 Units | $1,288,800 | $837,700 |
| 4 Units | $1,601,750 | $1,041,125 |
Affordability Snapshot — Zip 48240
To purchase the median home at $167,500 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $1,433.
Monthly Payment
$1,433
Income Required
$61,428
Principal & Interest
$1,032/mo
Down Payment (5%)
$8,375
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 48240.
Estimated Monthly Payment
$1,187
Connect with a LoanGraphs Loan Officer
Get expert guidance for zip code 48240. Tell us what you're looking for.