How far have Metro Detroit real estate prices fallen.
Today I was reading on MSN.com and they had an article on How far Metro Detroit real estate prices have fallen. I read Cities where homes have lost the most value. In the article it said the Metro Detroit area homes have lost 31% of their value.
If you look at the Detroit Metro real estate market as a circle with Detroit as the center, then the next ring of cities, and then the more upscale cities.
The more upscale cities like West Bloomfield, Canton Township, Northville, Rochester have lost 31% of their value. But you start moving into the inner circle of many of the middle class cities like Dearborn, Redford, Southfield. Those cities had some homes that their high prices in 2003 were from $100-$140,000. Now they are ranging from $50,000 to $70,000. I would say the average loss in those cities about 50%
But the City of Detroit real estate prices in my opinion have taken a huge dive. I don’t know exactly what the average sales price of Detroit homes were at their height. But I would take a guess and say the average price was about $65,000. Last year the average sold price of 10,514 Detroit homes that sold through our MLS was $10,692.
$10,692. Average sold price
That’s a 83% drop!!!!
So I think over all Metro Detroit real estate has dropped more than 31%. But that is just from a guy in the trenchs. I don’t have all the statistics but this is what I am seeing.
|Detroit Real Estate Price Statistics Legend|
Information provided courtesy of RealComp II Ltd
Russ Ravary your Metro Detroit real estate agent
Homes for sale in Milford Michigan $400,000 - $600,000
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