For the first time since 2013, Detroit is one of the top five cities on Realtor.com’s list of the 20 hottest real estate markets in the United States.
Up from 10th in July, the Motor City is now fourth nationally, behind only three cities in California.
Property prices are increasing in Metro Detroit, but home prices remain about 20% lower than the national average. Meanwhile, the median income is nearly identical to the national average. This makes Detroit real estate a smart buy for investors who have more buying power here than elsewhere in the country.
According to Danielle Hale, Realtor.com Chief Economist, online sale listings for Detroit homes are receiving twice the amount of page views than the country on average.
“Lots of buyers are looking at properties on the market,” she said. “It’s a sign of buyer optimism about the future in Detroit.”
Furthermore, home shoppers in Detroit are more likely to be millennials and others in the coveted 24-44 age range.