: 12.3% Median price per square foot
: $47 Unemployment
Detroit’s housing market has taken a larger hit than most in recent years due to problems in the automobile industry. Between its highest and lowest point, homes prices dropped 39%. The median price per square foot of just $47 is the lowest out of all 100 metropolitan areas measured. For every one new or resale home listing on Trulia, nearly another three are in some phase of the foreclosure process. A troubling thought for anyone contemplating selling a home in this oversaturated market is that despite low home prices (the average listing is under $48,000), the number of sales has actually decreased by more than 27% on a year-over-year basis.
(iStock) More From 24/7 Wall St.
: America’s Poorest States America's Most Expensive Neighborhoods America's Most and Least Expensive Thanksgivings The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.