Where metro Detroit home prices are rising
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Home prices in some neighborhoods jumped by as much as 12% in recent months while other areas are seeing much slower growth.
Why it matters: Zillow data analyzing home prices between July and October shows metro Detroit's housing market is starting to cool after prices soared in a red-hot seller's market last year.
Zoom in: Prices are rising the most around southwest Detroit.
- The 48209 ZIP code saw a 12.3% increase, from an average of $77,093 to $86,549.
- Corktown prices in 48216 increased 8.1%, from $174,310 to $188,495.
Meanwhile, the steepest decline was around the east side's Jefferson Chalmers neighborhood. Prices dropped 4% in 48215, from $102,611 to $98,463.
- Many parts of Oakland and Macomb counties also saw slight declines.
State of play: Mortgage-rate increases have contributed to the shifting landscape. After hitting a 21-year high about a month ago, the benchmark 30-year rate fell to 6.49% last week, the AP reports.
- The average rate was 3.11% a year ago.
Between the lines: For the region as a whole, median sale prices are still up year over year. But the pace of growth "has definitely decelerated," Jeanette Schneider, president of RE/MAX of Southeastern Michigan, tells Axios.
- "That's the pattern we're going to see for the next several months."
Plus, the market is not as "frenzied as it was," meaning you're less likely to get into a crazy bidding war over a house.
- The region didn't see its usual seasonal winter slow-down during the last couple years, Schneider says, but that's returning.
Of note: If you're home shopping, check out these tips to ensure mortgage lenders aren't unfairly using your credit history against you.