Real Estate
Detroit starting to see more stable housing market
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: 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.
Cold temperatures damage Midtown Detroit apartments
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: 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
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.
District Detroit plans, incentives to get closer look
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
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.
Apartments vacant for a decade brought back to life
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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