We all know that housing prices in Detroit are rising, but lately we’ve wondered, and had questions, regarding how much. So we asked our friends at NeighborhoodX to pull some numbers for us for two neighborhoods where we see a lot of listings - Midtown and University District.
They’re two very different neighborhoods. Midtown (or Cass Corridor, depending on who you ask) has seen much development in the past few years, with its convenient location between Wayne State and downtown. It also has a lot of lofts and condos. University District has mainly single-family homes and is now seeing more businesses and restaurants call it home.
We’re only looking at the most expensive sales for comparison here.
In 2012, the most expensive sales in Midtown ranged from $139-201 per square foot. By 2016, that had increased to $275-342/sq.ft. For the highest end of that spectrum, this represented an increase of 70.1%. (Click on the links above for an interactive chart)
The most expensive sales in the University District ranged from $43-48 per square foot in 2012. By 2016, the most expensive sales ranged from $85-92/sq.ft. - an increase of 91.7%.
We have seen an awful lot of demand for move-in ready homes in the city, and increases in renovations (and flips) in the University District.
How long will these prices continue to rise? And how far will they go in Midtown, with the new arena opening next year and the M-1 rail soon to run?
Are there any neighborhoods you’d like us to look at? Comment below or let us know on the tip line.