Detroit has gone through an economic and social upheaval unmatched by any other city. Now Detroit is going through an economic and social revival, in the long term this revival will be unmatched by any other city. Like the great phoenix rising from its own ashes!
What has been the appreciation on property in Detroit?
Median home sale prices in the four-county metro Detroit region increased by 41 percent year over year, continuing their upward swing, although sales in the region only nominally increased. According to data released by Farmington Hills-based Realcomp II Ltd., prices increased from $85,750 in December 2012 to $120,800 last month in the region, which includes Wayne, Oakland, Livingston and Macomb counties. Wayne County prices increased by 66.7 percent from $45,000 to $75,000, while Macomb (27.7 percent), Oakland (20.8 percent) and Livingston (13.1 percent) counties also improved. Metro Detroit home prices up 41% since December 2012
How does this increase compare with other USA cities? Can I see real time live data?
Yes Live Real Estate Market Reports from www.zillow.com
What is the historic trend for Detroit?
Has the bankruptcy in Detroit caused a problem?
“Shameem Golamy, Head of Rightmove Overseas said: “The saying “every cloud has a silver lining” has never been more true than in the case of the Detroit bankruptcy crisis. Whilst the news of Detroit declaring bankruptcy has saddened us, we have seen a huge rise in searches for Detroit property. Interest in the area has increased by 497.51% searches this month making this destination our highest climber. But are these users just online curtain-twitchers? Evidently not, enquiries about Detroit investment property increased 205% since July 2012 meaning there are serious buyers ready to invest”Share