What’s Fueling the Resurgence of Detroit’s Real Estate Market?

 What’s Fueling the Resurgence of Detroit’s Real Estate Market?

After years of bankruptcy and dilapidation, the Detroit real estate market is bouncing back, and young professionals are a big part of the resurgence. Detroit’s Midtown and Downtown neighborhoods, in particular, are reclaiming their vibrancy and experiencing a growth in property values.

The median price of Detroit homes reached an eight-year high of $165,000 in May 2016. A lot more buyers are moving to Detroit, especially within the Midtown and Downtown districts, which is causing prices to increase from their record lows. Additionally, as Detroit is becoming a more desirable place to life, the low inventory and greater demand are causing prices to increase.

Still, Detroit is the most affordable housing market in the United States. The city’s affordability, improving job market, and invigorated community have earned it the #10 spot on the Realtor.com list of the Hottest U.S. Real Estate Markets for November 2016. Detroit homes have the highest value for space out of 50 cities, according to a Point2 Homes analysis.

More people, especially young professionals, are looking to Detroit as a great place to buy a home and settle down. The affordability and growing job market provides more opportunities for young professionals to establish a sound future for themselves.

Detroit’s resurgence is something investors should capitalize on.

“Detroit’s low-cost housing, gradually increasing home prices, and improving job market makes the city a promising real estate market for investors,” says Michael Jordan of Strategy Properties, an expert turnkey real estate investment company based in Detroit. “Right now, investors can buy property in Detroit at a low price, and then watch that value rise as the city continues to regain its status.”