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August 6 2009

Homes for Sale - Detroit Market Conditions July 2009

by brook

In recent years, the real estate market in Detroit has been tricky to interpret and predict; some buyers see endless potential for repopulating one of America’s greatest cities, while others are turned off by the notion of a rebuilding project. This is reflected in Detroit real estate figures for July 2009, in which the average price per square foot of homes for sale in Detroit was $69, an increase of 3% compared to the same period last year; yet, the number of home sales decreased 48.9%.

Homes For Sale-Detroit Market

Additionally, the median price of homes for sale in Detroit (from April to June) was $72,057, a figure based on the 1,013 sales that occurred during that period. Compared to the same time frame just one year ago, the median home sales price increased 2.9% (about $2,057). So, this is positive on an annual scale; however, there is reason to believe that the tide changed for the worse in July. In the week ending July 29, the average listing price for Detroit, MI homes was $69,896; this decrease of 1.6% over the mid-month figures may indicate a week-over-week decline. Regardless, a decline in home prices is always to a buyer’s advantage; experts contend that those interested in Detroit real estate should act, lest the trend shifts back to the seller’s favor – which it may.  

Some of the best housing options in Detroit include new home communities near the city’s outlying borders and suburbs, and condominiums or older detached homes near the re-emerging downtown scene. In any case, there is no shortage of choices for those looking to purchase properties in Detroit, MI.

 

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