Detroit | Strongest housing market, 33% increase by 2014
Quoting from an original article this week on America’s strongest housing markets. Here’s what they have to say about Detroit.
Biggest home price increase projected in 2014
Forecast 4-year price increase: 33.1 percent
Current median price: $51,000
Median family income: $54,400
“Since reaching a peak in 2006, home prices in the Detroit area have fallen 60.5 percent, according to the Fiserv Case-Shiller Indexes. As homes have become more affordable—the median home price in Detroit is lower than median family income—demand is expected to pick up. Prices are forecast to jump 33.1 percent over the next four years. George Moma, a broker with Century 21 Dupont Realtors, says the growing prevalence of short sales over foreclosures will help drive up the median price in the Detroit metro area. He adds that the area is attracting interest among international investors from the U.K., Dubai, Moscow, India, Ireland, and France.”
There has never been a better time to invest in this market. With prices low and rental demand high, now’s the time to start converting your mony to dollars.