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 BloomfieldCanton TownshipNorthville, Rochester have lost 31% of their value.  But you start moving into the inner circle of many of the middle class cities like DearbornRedford, 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
Range Name Price Range Number of Listings Days on Market
R1 -25000 to 0 1 78
R2 1 to 25000 9790 81
R3 25001 to 50000 428 109
R4 50001 to 75000 128 141
R5 75001 to 100000 94 110
R6 100001 to 125000 36 139
R7 125001 to 150000 19 225
R8 150001 to 175000 6 150
R9 175001 to 200000 3 41
R10 200001 to 225000 5 173
R11 225001 to 250000 1 366
R12 250001 to 275000 1 212
R13 275001 to 300000 0 0
R14 300001 to 325000 1 1137
R15 325001 to 350000 0 0
R16 350001 to 375000 0 0
R17 375001 to 400000 0 0
R18 400001 to 401779 1 181
For the 10514 listings: For the 10514 Sold listings:
Average List Price $12,186.00 Average Sold Price $10,692.00
Median List Price $7,500.00 Median Sold Price $6,500.00
Highest List Price $599,000.00 Highest Sold Price $401,779.00
Lowest List Price $1.00 Lowest Sold Price $0.00
List Volume $128,122,300.00 Sales Volume $112,414,800.00
Avg. Days On Market 83 Avg. Days On Market 84

Information provided courtesy of RealComp II Ltd

Russ Ravary your Metro Detroit real estate agent

 


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