Another month, another big boost for Detroit real estate.
And as Karen Greenwood, president of the Greater Metropolitan Association of Realtors, warns, “As a major city, it’s still affordable, though I do not know how much longer that is going to last… Don’t be patient — go shopping now.”
In October, home sales in Detroit jumped 10.3%, year over year, while the number of homes on the market fell 21%. Median sale prices grew nearly 30%, up from $24,000 to $31,050.
“When infrastructure improves, people are going to want to move back to the city,” said Ms. Greenwood. “Now that demand is higher, you see the sales price go higher, and this is what Detroit has needed for a long time.”
For stats on the larger metro area and/or information on the hottest neighborhoods, continue to the full Crain’s Detroit Business article.