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|
Of course this information is only homes that have been sold through the MLS. For Sale by owners are not included in this data.
Information provided courtesy of RealComp II Ltd.