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.