Dec 18, 2023 - Real Estate

Detroit House Hunting: 2023 recap reflects topsy-turvy market

This renovated house in New Center sold below its asking price. Photo: Joe Guillen/Axios

The local housing market can be tough to navigate, especially in a year with rising interest rates and a stagnant inventory.

State of play: We introduced our House Hunting feature this summer to better understand the market by spotlighting various properties for sale, with an emphasis on homes under $250,000.

What happened: In a reflection of the market's topsy-turvy year, the listings we spotlighted met different fates — about a third sold above asking while the others are still available for reduced prices.

4670 18th St., $199,900: This bungalow built in 1905 caught our attention for its ambitious listing price in Core City, the up-and-coming neighborhood known for trendy restaurants and cafes.

  • Sold: The seller's asking price turned out to be on the money. It sold in August for $200,000 to a Detroit woman, county property records show.

12786 Rosemary St., $129,900: This three-bedroom house just north of East Outer Drive was bought in a Detroit Land Bank Authority auction for $6,500, then renovated and put up for sale over the summer.

A Corktown car garage for sale on Trumbull
The former car garage in Corktown is still for sale. Photo: Courtesy of Christian Gerard

1534 Trumbull, $1.2 million: A historic Corktown car garage transformed into a lavish living space went on the market for $1.2 million in August.

234 E. Bethune St., $290,000: This four-bedroom, two-bathroom fully renovated home in New Center presented an opportunity to judge the market of one of the city's most vibrant business districts.

  • Sold: Local New North Rentals sold the house to a woman in North Hollywood, Calif., for $270,000, county property records show.

17392 Ohio St., $233,000: A colonial-style home with a striking facade in the Bagley neighborhood is two blocks from the Marygrove educational campus.

A recently repainted and renovated home at 7744 Pitt St. in Southwest Detroit.
The repainted and renovated home at 7744 Pitt St. in Southwest Detroit. Photo: Courtesy of Gabby David

7744 Pitt St., $148,000: We ventured to Southwest Detroit in September to check out this blue three-bedroom within walking distance to shopping and restaurants, including Taqueria Mi Pueblo and the Tacos Del Barrio truck.

  • Sold: A buyer paid $150,000 just last week, according to Zillow, though publicly available county property records don't reflect the sale yet.
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