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Detroit Housing Tracker: House Prices Rise, Delinquency Rates Decline in First Quarter

Prices are trending up

Michelle & Chris Gerard

Our friends at the Urban Institute just posted their Q2 Detroit Housing Tracker, which contains data from the first quarter and some new developments. Here are a few of the major findings.

  • Home prices continued to increase and delinquency rates continued to decline in Q1 2016;
  • The average household equity for all Detroit loans reached 33.1% in Q1 2016, close to Wayne County’s 33.4%;
  • About 2,263 single-family homes were sold in Detroit in Q1 2016, down 20% from a year ago;
  • Detroit’s median rent edged up to $764 a month in March 2016 (rents downtown/midtown were well above every other area);
  • Unemployment continued to decline in 2016 and the labor force size remained flat.

All data are compiled into charts, found here.

Of interest to our readers might be the mean and median sale prices of houses through the years. They are quickly rising again after bottoming out after the economic crash in 2008, where they stayed until about 2012.

Urban Institute

The Urban Institute also included this handy chart, which they also provided to us to use, where residents can find financing for their Detroit homes.

Urban Institute
Urban Institute