Detroit MI real estate update

By
Real Estate Agent with Real Estate One 6501304423

2010 was a banner year for the City of Detroit real estate market as the average home sales price did go up.  In 2009 the average sales price was only $11,318.00 and this past year it moved up to $14,431.00.  Which is a little better.  Gone are the absolute steals of homes under $7,000.  Now you would have to pay closer to $10,000 to get a nice home.

Of course the theives are still stealing the copper, furnaces, and hot water tanks out of vacant homes so you most likely would have to replace them.

Even the average days on the market has gone down a little.  In 2009 it was 81 days now it is 70 days.  Of course Detroit home prices can not rise dramatically because any bank loaning in Detroit is going to look hard at the appraisal.

Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
       
R1 1000 to 51000 5872 67
R2 51001 to 101000 183 115
R3 101001 to 151000 41 147
R4 151001 to 201000 20 126
R5 201001 to 251000 4 102
R6 251001 to 301000 3 342
R7 301001 to 351000 3 329
R8 351001 to 401000 0 0
R9 401001 to 451000 0 0
R10 451001 to 501000 0 0
R11 501001 to 551000 0 0
R12 551001 to 601000 0 0
R13 601001 to 651000 0 0
R14 651001 to 675000 1 453

For the 6127 listings: For the 6127 Sold listings:
Average List Price $15,573.00 Average Sold Price $14,431.00
Median List Price $9,000.00 Median Sold Price $8,900.00
Highest List Price $849,900.00 Highest Sold Price $675,000.00
Lowest List Price $290.00 Lowest Sold Price $1,000.00
List Volume $95,417,320.00 Sales Volume $88,419,760.00
Avg. Days On Market 69 Avg. Days On Market 70

 

Of course this information is only homes that have been sold through the MLS.  For Sale by owners are not included in this data.

Search Metro Detroit homes for sale

 

Information provided courtesy of RealComp II Ltd. 

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May life always treat you and your family well.............

 

Russ Ravary

Real Estate One

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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Wow it is just unbelievable what you can buy a house for there.  I think I could have bought 4 houses for what I paid for my Lincoln last year.  Best of luck!

Jan 04, 2011 10:35 AM #1
Rainer
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Grace Culver
Michigan Homes Network - home advertising and search - Ferndale, MI
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There are definitely alot a beautiful homes in Detroit for a steal, but many have been damaged or destroyed due to vandalism. It absolutely heart breaking to see the state of the city as it is today. Hopefully Detroit can make a comeback.

Jan 18, 2011 10:05 AM #2
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Trent Dalrymple (248) 854-0625
Texana Bank - Bloomfield Hills, MI
Allowing Mortgage Professionals to Lend Nationwide

Russ, good information, that's why we are still lending in Detroit.  The majority of our investors are still looking at the city for it's high ROI but realizing that it comes with it's higher risk for possible problems that you mentioned.  We still seem to be the only private hard money lender who will take on the Detroit market for real estate investors, lending to purchase and rehab abandoned houses.  Lets face it, this is our backyard and we all have a stake in what happens to Detroit.  Thanks for the statistics.

Trent Dalrymple

Director of Investor Relations

Feb 20, 2011 03:43 AM #3
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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Michigan homes for sale ~ yesmyrealtor@gmail.com
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