The housing market in Detroit, OR is doing well compared to the national average. The median value of housing in Detroit is $308,500, significantly lower than the US median value of $338,100. However, the 1 year house appreciation rate of 9.26% for Detroit is slightly higher than the national average of 8.27%. This indicates that houses are increasing in value at a better rate in Detroit than across the country as a whole. Therefore, investing in real estate within the city could be a very wise decision for those looking to get into the market.
The median home cost in Detroit is $308,500. Home appreciation the last 10 years has been 144.5%. Home Appreciation in Detroit is up 14.2%.
Average Age of Homes
- The median age of Detroit real estate is 40 years old
The Rental Market in Detroit
- Renters make up 5.0% of the Detroit population
- 1.5% of houses and apartments in Detroit, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.