Detroit Property Values Soar: What Homeowners and Investors Need to Know
Posted by Michael Perna on
Detroit, a city once defined by economic challenges and population decline, has undergone an extraordinary transformation. For the ninth consecutive year, residential property values in the city have climbed, reaching levels unseen in over 15 years. In 2024, Detroit's assessed property values surpassed $10 billion for the first time since the 2008 financial crisis, signaling a profound shift in the city’s fortunes.
This historic growth has added $1.4 billion in cumulative wealth for homeowners, with the average home value increasing by 19% compared to the previous year. This surge marks the second-largest single-year increase in Detroit’s history, trailing only the record-breaking gains of 2023 when values rose by $1.7 billion. The rise is a testament…
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