Average Price of a House in Detroit? Only $20,514!!
The good news is that Detroit home sales through April are up by a whopping +48% (YTD) compared to last year (3,360 homes sold in 2008 YTD vs. 2,267 last year), but the bad news is that the average price for a home sold in Detroit has fallen by almost 56% to only $20,514 so far this this year, compared to an average price last of $46,183 for the January-April period! Compared to the peak of $97,850 for the average Detroit home price in 2003, prices have fallen by 79% (see chart above, values are annual except for 2008, which is YTD, data available here).
(Hat Tip: James Hohman)