Detroit property values climb 23% in 2023, marking seventh straight year of growth

[Airforceguy]

Residential property values in the city climbed an average of 23% last year, marking the seventh straight year of growth, Mayor Mike Duggan announced Monday.Officials said the figures are based on a review of the last two years of housing market sales. In comparison, Detroit's values rose 31% in 2022, and 8% per neighborhood from 2020 to 2021.

All 208 neighborhoods in the city saw an increase in property values, a record $1.7 billion in wealth from appreciation, Duggan said. The values of homes have tripled in seven years, he said, touting the "best investment in America." "In 2017, the value of Detroit homes was $2.8 million and today, the value of Detroit homes is $8.7 billion," Duggan said during a press conference at Detroit Public Safety Headquarters. "That is better than a 300% gain in owning a house in the city of Detroit in the last seven years? We are extremely proud. Detroit has now passed the city of Miami as the most rapidly growing home values in America for 16 straight months." Under the Michigan Constitution, tax rates are capped at 5%, unless there's a recent home sale.

"Since 2018, Detroit property values have exploded, not your tax rate. It stayed down here and today, the average Detroiter is being taxed at half their assessed value," Duggan said. "There's been a lot of conversation about over-assessment and if you go back to 2011, 2012, 2013... the lines were reversed. People were taxed higher under the Bing Administration and I campaigned against it every day in 2013 when I ran for mayor." Duggan credited the city's renovation efforts for the property value increase. Approximately 15,000 homes saw improvements, along with parks, streetscapes, and streetlights, he said. He also celebrated the Detroit Land Bank's declining inventory from 45,000 abandoned homes in 2014 to less than 5,000 today.

Notices have been mailed to 408,000 residential, commercial, industrial, and personal property owners, advising them of their proposed assessments for 2024.

https://www.detroitnews.com/story/ne...y/72284968007/

[Richard]

Maybe ?

https://www.rockethomes.com/real-est...nds/mi/detroit

But how much of that increase is true market value increases.

Mayor Mike Duggan joined City Council members to launch the initiative — funded by $6 million in federal pandemic relief aid — that would provide residents with up to $25,000 in down payment assistance toward a home in Detroit. It's meant for people who can afford a monthly mortgage but don't have enough money for a down payment. Officials expect the program to help as many as 400 Detroiters.


You know how that works when you pump free money into a system,the system increases the value to compensate.

Not that I do not disagree with that program,with the housing stock in Detroit they should be putting more into homeownership then rentals,so they can build long term wealth which is better for the city then apartment dwellers,not that there is anything wrong with apartment dwellers,but there needs to be a balance.

Look at the net inflow of buyers and the states they are coming from,it shows Detroits housing affordability is playing a role in relocations.

https://www.redfin.com/city/5665/MI/...housing-market

[K-slice]

Some neighborhoods are booming for sure, mostly the ones that were already on solid footing and those adjacent to them.

The tipping point will come when developers can buy up vacant land and build new homes profitably on it. Hopefully that time isn't too far off for areas like Core City, North End, or Islandview.

[royce]

^Three new homes being built on the northwest corner of Fisher and St. Paul.

[DetroiterOnTheWestCoast]

^Three new homes being built on the northwest corner of Fisher and St. Paul.

As a former West Villager, it’s great to hear about new construction on nearby Fischer. If you get a chance, I’d love to see a photo of what’s being built.