Metro Detroit Home Values at Historic Highs
Continuing with the trend of recent years, Metro Detroit Home Values are increasing at a healthy and very attractive rate. Surprisingly enough, the inventory of homes available are still at pre-recession numbers, and this is great news for investors looking to purchase rental properties in and around the City of Detroit. The last time that values were this high were in 2009, and even earlier–years and years before the market crash of 2008.
Every county in the Metro Detroit region is currently seeing increases in home values, and this may be due to the constantly expanding core of Downtown Detroit. With developments going up every day, including a new Hockey Arena, New retail shops and restaurants, along with a new international bridge crossing.
One of the factors driving home values up is the new interest by homebuyers, along with the decreased number of new homes built every year. While the years following the Great Depression in America saw an average of 10,000 new homes built every year in the region, The Homebuilders Association of Southeast Michigan reports that only 3,000 homes have been built from March to August of this year.
With investors continuing to purchase homes in Metro Detroit at a rapid pace, the future continues to look great for the city!!