Market Overview
Home Prices in Ray, MI
The median home value in Ray, MI is $432,124 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.3% compared to a year ago and up 5.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Ray are priced5% above average. Ray is part of the Detroit-Warren-Dearborn, MI metro area.
Over the past five years, Ray home values have risen by approximately40.9%, reflecting strong long-term appreciation in this market.
Price History
Ray Home Price Trend
City Comparison
Ray vs. National Median
At $432,124, homes in Ray cost 5% above the national median of $410,000. Buyers in Ray should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Ray?
20% Down Payment
$86,425
on $432,124
Monthly P&I
$2,254/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,863/mo
incl. taxes & insurance
Income Needed
$114,520
gross annual (30% rule)
10% Down Option
$43,212
+ PMI applies
Loan Amount (20% dn)
$345,699
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Ray, MI?
The median home value in Ray is $432,124 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.3% year-over-year.
How much have home prices changed in Ray?
Over the past year, home values in Ray have increased by 6.3%. Over five years, prices have risen approximately 40.9%.
How much do I need to earn to buy a home in Ray?
To comfortably afford the median home price of $432,124 with a 20% down payment ($86,425) at today's rates (6.8%), you'd need a gross annual income of approximately $114,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Ray compare to the national average home price?
The national median home value is approximately $410,000. At $432,124, homes in Ray are 5% above the national average.
What metro area is Ray part of?
Ray is part of the Detroit-Warren-Dearborn, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.