Detroit Lands In The Top 20 Hottest Real Estate Markets In The U.S

Posted by Scott Adlhoch on August 1st, 2018

They are quickly acquired by people who know their worth. We are also aware that very many folks are fond of and do love to focus on Detroit real estate. Perhaps that is exactly the reason behind Motor City’s emergence as one of the hottest markets in the entire nation. 

It is quite clear to us that Detroit’s real estate market is very unusual. Only last year, we witnessed the sales of up to million dollar properties. We also witnessed prices sharply rocketing in certain areas of the city and also lack of affordable homes that were ready to be occupied. Well, where are we at as we get into 2018?  Realtor.com have released their annual list of the top properties ranked according to their “hotness index” for the year 2018.

The properties on this list are ranked according to the period or duration they stay on the market and also listing views in the most popular markets. Among the top 20, 13 of the metro area are the state of California (Many of you might be curious as to why San Jose/San Francisco areas have very high astronomical prices). There were only two mid-western cities that emerged among the top 20: Detroit in the state of Michigan and Ohio’s capital, Columbus.  Detroit-Warren-Dearborn has been able to retain position 19 over the past two weeks now.

The median age of inventory -rather how long homes stay no market before they are sold- is 68 days for the city of Detroit.  Just as we noticed quite a while back, Detroit’s housing stock does vary greatly across all its neighborhoods. We consistently search for homes that are pretty elusive, quite pocket-friendly and ready to be occupied among the over-priced condos available downtown and midtown. We also keep on completing foreclosures or fixer-uppers in other neighborhoods of this huge city. Apparently, it seems like we are not the only ones, very many other people happen to be doing the same.  Anyway, generally, Detroit’s real estate market can be termed as flourishing among other positive terms. This is because very many folks from all over the United States of America are looking to consider investing in the city of Detroit. In addition to that, the elderly in the area are considering moving back to and settling in their hometowns due to the prospects in the city. 

Currently, the city has a population of approximately 4.3 million people and is growing rapidly. The standing average household income is at ,000 dollars and it’s also increasing. Also, something worth paying attention to is that the median house value of a standard home in Detroit has risen to 40% since the year 2007. All these show that the city of Detroit is on the consistent development and you should think wisely about your investment. Mr. Scott Adlhoch, one of the top realtors in real estate also agrees on the development of Detroit.