Average Home Price in Detroit Falls to $13,638
According to the Michigan Association of Realtors (data here), the average sales price of a Detroit home fell to $13,638 in January, a -42.6% decline from the $23,755 average home price in January 2008, and a -25% decline from last year's average price of $18,128. Unit sales increased in Detroit by +37% in January 2009 to 1,007 homes, compared to 736 home sold last January. At the state level, the average home sales price fell by -37% in January to $84,832, compared to last January's average price of $134,721.
Update: Sales data through February are now available, and the average Detroit home price has continued to fall, and is now just $12,669 (new post here) for February YTD.
5 Comments:
Kwame diddled while Detroit burned.
'preciate the blog. One nit, isn't "a -25% decline" an increase?
Even in this depressed CA housing market, I can still trade my home for about 45 Detroit homes. I can buy my own subdivision!
We'll be packing the U-Haul this weekend.
The problem seems to be that regardless of the geographic location, the lowest end of the income scale has been hit hardest in this market downturn. In San Diego, the inland neighborhoods where the prices have always been lowest experienced the largest price declines in percentage terms. Here this means a drop from around $500,000 to close to $200,000. Coastal neighborhoods like Del Mar experienced a drop more like $1.7M to $1.2M. Unfortunately our hardest working class people had intentionally stretched to get into $400,000 and $500,000 homes at the top of the market. They did it with risky loans and, as a result, the foreclosures in San Diego are skewed toward the poorest neighborhoods.
@Geoffrey
They saw the biggest "gain" from the bubble therefore it is likely that they will see the largest decrease from the burst
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