Things Are Heating Up in the Detroit Real Estate Market Again!
Detroit was once a city of prosper—nicknamed the Motor City, the area was the foremost authority in the automotive manufacturing industry for many decades. The largest city in the state of Michigan, Detroit has also been deemed the birthplace of Motown Records.
But, despite Detroit’s bustling past and famed history, its reputation took a nose dive during the early 2000s when the notorious financial crisis swept across the nation. Taking one of the hardest hits, Detroit seemed to fail to recover from the blows of the economic downturn as the rest of the nation recuperated nicely, albeit slowly.
But in recent months, Detroit has been on the up and up—showing a huge boom in their economic shift. Between several corporations building homes in the Detroit Metro area, a city-wide revitalization project, and a massive inpour of individual, governmental, and corporate investments, the area is definitely starting to rise to its reputation of its former glory days.
While the area still has a long way to go, the Detroit real estate market is definitely starting to hit new peaks when compared to the market of the rest of the country. A report released by Realtor.com entitled the Market Hotness Index, which is published monthly, shows Detroit taking the number five slot for the month of August.
The Index is said to assess the health of the real estate markets in 300 of the largest metropolitan areas in the United States.
According to this report’s monthly trends, Detroit has moved from the eighth spot in July to the fifth slot in August, thanks to the high real estate demand taking hold in Detroit. One of the most notable features of the Detroit real estate market, in addition to its low median prices, is that the time a property remains on the market is literally half that of the rest of the US, with Detroit properties spending approximately 39 days on the market in comparison to the US average of 66 days.
No matter how you look at it, Detroit is a seller’s market… but it’s definitely an investor’s market, too.
News Source: https://mobile.nytimes.com/2017/09/14/realestate/detroit-real-estate-heats-up.html