Now Is The Time To Invest

on December 18 | in Blog | by | with Comments Off on Now Is The Time To Invest

Now is the time to buy and sell homes in Detroit. The median sales price for homes in Detroit for Aug 15 to Nov 15 was $45,000. This represents an increase of 15.4%, or $6,000, compared to the prior quarter and an increase of house detroit pic28.6% compared to the prior year. Sales prices have appreciated 41.5% over the last 5 years in Detroit. The average listing price for Detroit homes for sale on Trulia was $35,029 for the week ending Nov 04, which represents a decline of 0.5%, or $193, compared to the prior week and an increase of 3.7%, or $1,239, compared to the week ending Oct 14. Average price per square foot for Detroit was $36, an increase of 16.1% compared to the same period last year. These prices gains indicate positive momentum in the Motor City market. If prices continue in this direction, then sellers could see significantly larger checks at the closing table next year. Detroit’s total inventory is 1,874, which is less than the 1,925 homes that were on the market a month ago, and significantly less than the 2,722 homes that sat on the market a year ago. The 31% decrease in inventory from last year to the current year has resulted in increased competition for the remaining house. Investors and first time home buyers are fighting for the remaining properties, many of which are sold “as is”, and prices should start increasing as a result.

                                                                 

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