Jun 13, 2023 - Real Estate
Detroit's suburbs are getting pricier
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In 2020, buyers flocked to the suburbs in search of cheaper housing. Since then, prices have gone up.
Why it matters: Inventory and affordability issues are making the suburbs more expensive.
- Prices have fallen in some of Detroit's more expensive neighborhoods since April 2022, while suburban costs have escalated.
By the numbers: Typical home prices dropped 4.1% — from $207,300 to $198,800 — in the area of Midtown and the North End.
- But prices increased 4.7% — from $139,100 to $145,700 — in Warren.
- And in Northville, they increased 4% — from $428,400 to $445,400.
The big picture: With high mortgage rates and low inventory across the board, buyers are settling down wherever they can find a house within their budget — or sitting on the sidelines, Redfin senior economist Sheharyar Bokhari tells Axios.
Read more: It's cheaper to buy than rent in Metro Detroit right now