Detroit residential real estate market is up 9.6 percent

By Kyle Chezum Updated on 9/25/2013

Realcomp has indicated that some areas of Detroit have seen a rise in home sales in July compared to the numbers posted a year ago. This year nearly 400 more homes were sold yielding a total of 4,563 properties.

Included in this report are the four surrounding Michigan counties in the Detroit area. The total number of  sold condos and residential home sales are attributed to this increase.

Home prices in the this metropolitan area have increased, too.  In July of last year the average property value was around $71,665. This year Detroit has seen a 8.8% increase, bringing that value up to $78,000.  And though many were on the market for about ten days less than the year before, most were listed as short sales.