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Buy A Cheap Car or Buy An Expensive House in Detroit

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Services for Real Estate Pros

Home Sales for Detroit

Realcomp, a listing service out of Detroit, has been tracking home sales locally. Detroit’s metropolitan area in the month of October, showed home sales rising again even though in the central region of the state sales showed further declined.

When showing comparisons from year-to-year, with a 4,176, condo sales and single-family homes rose 4.8 percent in October. This shows a back to back gain for 4 months in a row. September rose 8.2 percent from the previous year continuing to let us know sales are on the rise.

This shows the average sale price in the metropolitan area at a 7.7 percent from only a year priors $70k. These happenings are simultaneous to the number of foreclosures on the decline going down 6 percent.

But, not all sales are looking as smooth in progression as the metropolitan area. With Detroit’s inner suburbs (Hamtramk), sales dipped 6.8% from the 519 they had in 2010’s October. The foreclosures stayed solid without any major spikes. As where the average sale price in the inner suburb area (Highland Park & Harper Woods) dropped from $9,952 a whole 0.05%. The prices continue to drop since the previous average in 2006 of $49k. But this has moved off of the very low $5,737 in 2009’s February.  Thats right, the medain home sales price is under $10,000!  For the price of an average car, you can buy an average house in metro Detroit!

Not only are the sales changing but housing inventory in the metropolitan fell in October as well from 21,939 down to 19.8% from a year’s difference. So what makes up Realcomp’s MLS inventory? The answer is short sales, making a 23% of the total inventory including properties outside of Michigan.

Want to learn more about short sales? Contact a specialist to assist you now! 1-877-737-4903

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Comments (1)

Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

I knew that Detroit had been hit pretty hard but I had no idea that homes where that cheap there.  That's unbelievable.  Thanks for the information Mike.

Dec 08, 2011 03:56 PM