Detroit is on the rise, and real estate investors are taking note. The Detroit housing market has been heating up over the past few years, and there are plenty of opportunities to get in on the action.
Detroit Real Estate Market Trends 2021-2022
Whether you’re looking for a residential or commercial property, Detroit has something to offer everyone. Keep reading for more information on the current Detroit real estate market trends and what to expect in the future. You won’t want to miss out on this opportunity!
How Many People Moved to Detroit in 2021?
The Detroit Real Estate Market is experiencing a resurgence, as investors and home-buyers alike notice the potential in this historic city. As a result, home prices and demand are on the rise.
The market offers a huge opportunity currently to investors looking to buy properties at very affordable rates.
There’s a general decline when it comes to Detroit’s population. Ever since 1950, the numbers have been going down consistently. There was a 0.51% decline compared to 2020.
Even though the population is decreasing, many remote workers and millennials are relocating to Detroit thanks to affordable housing.
Detroit Rent Prices
There’s almost a 50/50 ratio of renters and owners in Detroit. If you’re looking to set up or improve your cash flow, then Detroit’s Real Estate market would be an ideal choice for both commercial and residential properties.
From what we’ve told you above, you can predict that Detroit’s rent will be low compared to what you’re used to seeing in the US Real Estate market. Remember what we said earlier, though?
Affordability is Detroit’s number-one selling point right now, and renters love to go to a place where they can cut back on their overall costs.
Did you know? Detroit had one of the fastest-growing rent prices in one year. A whopping 19.5%!
The median rent for a one-bedroom apartment in Detroit is currently $944.
Detroit House Prices
The rates for Detroit housing market are steadily increasing. But even now, the prices are way more affordable than other competitive markets in the United States like Miami and Sacramento.
If you choose to invest in Detroit’s Real Estate at this point, you can either rent them out for a good cash flow or sell them off later when the market reaches its peak.
The current median price for a house in Detroit is $77,500, which is a significant boost compared to $53,500 last year.
Reasons to Invest in Detroit
Detroit real estate market has seen better days. Once a powerhouse of the economy, Detroit has fallen on hard times in recent years. However, this doesn’t mean Detroit is a bad place to invest in real estate.
On the contrary, there are many reasons why Detroit should be high on your list of places to invest. Here are just a few:
- There is a lot of potential for growth in Detroit. The city is starting to see some revitalization, and there are plenty of opportunities for investors who are willing to take a chance.
- Property values in Detroit are still relatively low compared to other big cities. However, this means that you can get a lot more property for your money when investing in Detroit.
- The New Market Tax Credit (NMTC) provides tax incentives to long-term investors.
- The environment in Detroit is investment-friendly. The government, developers, and investors are working together to improve the overall infrastructure of the symbolic city.
How Long Does It Take to Sell a House in Detroit
The average time to go through the entirety of the sale process in the Detroit real estate market can take up to 80 days, out of which 45 days will be spent getting the right offer.
Of course, a lot of it depends on the state of your house, listing strategies, local market conditions, and especially the time of the year.
Get Started with Investing in Detroit
Detroit housing market is one of the most interesting in America right now. As more and more people are looking to live outside of urban areas, they’re discovering that it has a lot to offer them – everything from an up-and-coming art community with world-class museums (think the Institute for Contemporary Art) to burgeoning neighborhoods like Corktown, where new businesses are popping up all over the place.
And if you’re thinking about investing here? You’ll be glad to know there’s never been a better time than now! Contact GCG Real Estate today and let us help you get started by finding you property options in some of Detroit’s hottest markets.