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Detroit Home Buyers More Likely to Pay Under Listing Price

We can figure out a few reasons for this

According to recent data compiled by OpenHouse, 65% of home buyers in Detroit are paying under the listing price over the past 30 days. 21% bought at asking price, while 14% paid above the asking price (based on 108 homes sold).

When we look at the data, we're naturally thinking about where people are paying over and under, and why. The why in Detroit generally goes back to two things: assessments and listings aiming too high in the first place. In many neighborhoods in the city, assessments come back much lower since they're including areas that maybe shouldn't be included.

Let's take a look at where buyers are paying more than the asking price. (FYI, the map shows some places in Windsor and outlying areas. Don't mind that.) A few notable listings pop up.

First, this condo we posted in Leland Lofts was originally listed for $239,900. The combination of location, historic building, and just a great living space knocked this one up to a selling price of $277,000.

We also featured this Carola Loft in March. It's right in Brush Park and had a lot of natural light. It was listed for $259,000, and sold for $280,280.

What went for asking price? This University District remodel listed for $249,000 and sold for $250,000.

Also, this Boston Edison remodel went right at asking for $299,900.

But most home buyers in the past 30 days paid under the asking price. You'll find these across the board in Detroit, but there's a noticeable cluster in the University District/Green Acres area. This could have to do with comps in the area, the houses needing renovation, and the houses being flipped.

OpenHouse also lists Jefferson Avenue as the hottest street right now. Riverfront living, y'all!