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Are Real Estate Prices in Detroit Insane?

Sure, for certain listings

Michelle & Chris Gerard

This weekend, the Free Press ran an article about the rising prices of homes in the neighborhoods surrounding downtown. And yes, many of these prices are much higher than they've been the past few years, but there are a lot of projects and investments in these areas to make them attractive to buyers (the arena, QLINE (M-1 Rail), restaurants, retail, etc.).

Sometimes these listings can seem "insane," especially when we see a Corktown loft drop its price by $350K.

Taking a look at current listing prices, Midtown and Brush Park, featured prominently in the Free Press article, are far and away listing at the highest rates, with some over $350/square foot (like this loft in Brush Park) and averaging around $300 (for listing, not buying. We'll look at that soon). West Village is all over the place, with prices ranging from $85-275/square foot.

NeighborhoodX

The Free Press states that many of the buyers in Midtown and Brush Park are either young professionals or empty nesters, sans kids, which makes sense for the lofts and condos in those areas. Single family homes in Rosedale Park and University District are listing on average $38-48 per square foot. Problem is, we're hearing, that move-in ready homes in those areas typically go quickly, while many listings either need extensive work or are aiming too high after a flip.

There can be affordable options, depending on where you look.

We'll take a look at more of these neighborhoods in the upcoming weeks.