Real Estate

Detroit starting to see more stable housing market

A house listed for sale.

A house listed for sale in the East English Village neighborhood. Photo: Annalise Frank/Axios

Home prices in Detroit fell in December for the first time since spring 2020.

Driving the news: As rising interest rates make home-buying less affordable, sale prices dropped 17.2% compared to the same month last year for a median price of $66,250, according to RE/MAX's Southeast Michigan housing report.

What experts say 2023 holds for Detroit real estate

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

Fluctuations in metro Detroit's real estate market could continue to perplex buyers and sellers considering a move this year.

Yes, but: The market is starting to cool off. Factors like normalizing interest rates and less competition among buyers are expected to create more buying opportunities.

Samuel Robinson
Jan 3, 2023 - News

Cold temperatures damage Midtown Detroit apartments

Water damage collapsed multiple ceilings at the Addison apartments Christmas morning

Water damage collapsed multiple ceilings at the Addison apartments early Christmas morning. Photos: Samuel Robinson/Axios

Single-digit temperatures last week led to major damage at a few Midtown apartment buildings, forcing some residents to be displaced during the holidays.

  • The 118-year-old Addison, a former hotel turned residential building above Pho Lucky, suffered some of the worst water damage.

Detroit development projects we're watching in 2023

Illustration of a construction crane lifting another crane, which is lifting another crane, which is lifting another crane.

Illustration: Brendan Lynch/Axios

New development projects stretching from downtown to the neighborhoods are changing how Detroit looks and feels.

Why it matters: Keeping incremental tabs on development helps the public stay informed about progress — or lack thereof — after the initial excitement when they're announced.

Starter homes are more affordable in Detroit than most other cities

Data: Point2Homes; Map: Tory Lysik/Axios Visuals

Detroit is one of only four large U.S. cities where renters could recently afford a starter home.

  • An analysis by the real estate website Point2Homes considered "starter homes" properties valued in the lower one-third of all available homes for sale.
Annalise Frank
Nov 16, 2022 - News

District Detroit plans, incentives to get closer look

A rendering shows a bustling street with shops in District Detroit.

Conceptual rendering of an avenue next to Little Caesars Arena. Photo courtesy of Ilitch Companies

Plans for the $1.5 billion District Detroit development will soon be examined through the city's community benefits process.

Why it matters: Several prominent real estate developments, like Amazon's, haven't triggered the Community Benefits Ordinance (CBO), designed to provide benefits for residents living near big new projects.

Buying a house in Detroit is easier now, but not cheaper

detroit skyline

Photo: Jeff Kowalsky/AFP, via Getty Images

Detroit’s real estate market is starting to level off, according to the latest MLS data from Realcomp.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Detroit-area buyers have waited a long time for a little relief.

Joe Guillen
Oct 6, 2022 - News

Apartments vacant for a decade brought back to life

Officials celebrate The Charlotte's renovation.

Mayor Mike Duggan, center, and others celebrate The Charlotte's revival. Photo: Joe Guillen/Axios

A once-vacant apartment building near Boston Edison has been revived with newly renovated affordable housing units.

Why it matters: Decades of past disinvestment in the city left many apartment buildings abandoned and blighted.

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