Detroit Evening Report: Detroit’s housing market is improving, according to new report
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Brick houses in Detroit's Bagley neighborhood.
A new report released by think tank Detroit Future City finds that the housing market in the city is improving.
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The study looks at 2012-2021 housing data. One of the key findings is that market rate sales returned to most parts of the city. Market rate sales are those where the price of the home closely reflects the actual value of the property.
The Core City and North Corktown neighborhoods saw the largest percentage increase in sales, while the Springwells neighborhood saw the largest percentage decrease. The report says the median sale price of homes in Detroit doubled in nearly a decade, from $15,000 in 2012-13 to $30,000 in 2020-21.
Detroit Future City also released a second report analyzing Black homebuyer demand in Detroit, which found that only 20% of all mortgage applications filed by Black homebuyers in Metro Detroit was made within the city.
“Growing Detroit’s Black middle class is key to growing a more economically equitable, thriving, and resilient city,” the report says.
Detroit Future City used data on home sales from the Wayne County Register of Deeds.
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