Metro Detroit home prices reach a new high
Metro Detroit home prices have jumped by nearly 6 percent in 2019 to a median of $190,000, fostering a great recovery over the past 10 years from a sharp decline in 2010, according to Realcomp Ltd.
Over the past five years, sale prices have jumped by 27 percent from 2015, when the median was $150,000, according to Realcomp. In 2010, the median home price was $66,900.
In fact, the recovery has surpassed the high mark of 2005 when the median home prices hit $170,500, according to Realcomp.
The housing market was steady throughout 2019, and it is expected to continue the same trend this year.
However, the market continues to be a seller’s market due to a lack of inventory and high demand for homes due to a healthy economy and low mortgage rates.