Are you considering buying a house in Detroit? Well, buckle up because the Detroit housing market is a wild ride! In this blog post, we will provide you with insights from our real estate analytics and take a deep dive into the current state of the Detroit real estate market.
Let's start with the numbers. As of 2023-02-22, the current price per square foot in Detroit is $158.04, down -7.27% from the 2022 peak. The age of a typical home sold over the last 12 months is 59 years old, and the square footage of an average home is 1,417 square feet. In the last 30 days, the price has gone down by -0.95%, in the last 60 days by -1.13%, and in the last 90 days by -2.98%.
What Does This Mean for the Detroit Housing Market?
As you can see, the Detroit housing market has been experiencing a decline in prices, and this is something to keep in mind if you're considering buying a home in the city. However, it's not all bad news. Over the last 12 months, 79.08% of homes sold were Single Family Residences, which means that there is a healthy market for detached homes in Detroit.
How Data is Revolutionizing the Real Estate Housing Market
One of the reasons we're able to provide you with these insights is because of the Parcl Labs Real Estate API. This tool provides real estate analytics and data to help people make informed decisions when it comes to buying or selling a home. With the Parcl Labs Real Estate API, you can get real-time information on housing prices, market trends, and much more.
Why Is Housing So Expensive Right Now?
One of the questions on everyone's mind is why housing is so expensive right now. There are several reasons for this, including low-interest rates, a shortage of inventory, and an increase in demand for housing due to the pandemic.
The Future of the Detroit Housing Market
It's difficult to predict what will happen in the Detroit housing market in the future. However, if the current trend of declining prices continues, it may be a great time to buy a home in the city. With the help of the Parcl Labs Real Estate API, you can stay up to date on market trends and make informed decisions.
What is the Parcl Labs Real Estate API?
The Parcl Labs Real Estate API is a tool that provides real estate analytics and data to help people make informed decisions when it comes to buying or selling a home.
Why is the Detroit housing market declining?
The Detroit housing market is declining due to a variety of factors, including an oversupply of inventory and a decrease in demand for housing.
Is it a good time to buy a home in Detroit?
If you're looking to buy a home in Detroit, now may be a great time due to the decline in housing prices. However, it's important to do your research and make an informed decision.
Call to Action
If you're looking for real-time information on the Detroit housing market, sign up for the Parcl Labs API today!