Sep 26, 2023 - Real Estate

Detroit House Hunting: Bagley is hot

18660 Indiana St. in Detroit. Photo: Joe Guillen/Axios

Instead of zooming in on a home on the market for our weekly real estate feature, we're instead checking back in on a house we showcased that's since sold.

Why it matters: This three-bedroom colonial in Bagley is a prime example of the northwest neighborhood's climbing sales and interest.

  • Justin Cain, the Loft Warehouse's vice president of residential sales, tells Axios the house got the highest price he's ever seen of any 1,300-square-foot home in Bagley.
  • "Bagley is one of those areas that's really affordable for first-time home buyers" seeking fully renovated homes, says Cain, the house's listing agent.
  • There's been an uptick in prices and popularity, which "long-term shows it's a good investment."

By the numbers: The home at 18660 Indiana St. was listed for $219,999 Aug. 1, per Zillow.

  • It sold for 6.8% more than that — $235,000 — on Aug. 29.
  • Cain says he got multiple offers within two days of listing.

The big picture: With low inventory and rising interest rates, Metro Detroit home sales were down 16.6% in August compared with last year, per RE/MAX of Southeastern Michigan. Yet, the average price is still up 2.9% from a year ago.

  • Listings were on the market an average of 22 days — just under our Bagley colonial's 28 days.
  • But the time the home took to sell is low for Detroit specifically — its average in August was 43 days, double Oakland County's 20 days.

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