Categorized | Residential

Detroit Real Estate Market on the Rise

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For the first time in years, Detroit’s residential real estate market found itself on the list of improving housing markets. Other Michigan cities including Ann Arbor, Lansing, and Grand Rapids also made the list.

The list of improving markets was based largely on such factors as single-family housing permit growth, the appreciation of housing prices, and growth in employment numbers. In order to qualify for the list, the city must have shown improvement in the three qualification areas for at least six months.

After years of hardship following the difficulties faced in the auto industry, the improvement is a great sign for Detroit. It is now one of ninety-eight cities on the improving list. With almost one hundred cities on the list, things are starting to look up around the country.

Detroit has seen an increase of nearly nine percent since April of 2009 in the number of permits for single-family housing. Their employment numbers have inched their way up since June of 2009, increasing by two and a half percent. Housing prices have been steadily rising since March of 2011, increasing by nearly seven percent.

Detroit is not entirely back to their optimal state quite yet. They still have roughly seventy-five percent of the way to go before they reach a position similar to that which they experienced during their booming years. With that said, however, things are certainly looking brighter than they have in the last five years.

Detroit wasn’t the only major city to make the list for the first time. Other major cities that showed up for the first time include Boston, Miami, Memphis, and Salt Lake City.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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