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24/7 Wall St.: The 10 Markets with the Most Empty Homes

1. Detroit, Mich.

Vacancy rate: 12.3%
Median price per square foot: $47
Unemployment: 10.0%

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)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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