Average no. of days on market
: 47 Median home price
: $99,000 (the lowest) Population
: 4,296,250 (18th highest)
Unlike many of the metropolitan areas on the list with high home values, in Detroit there are many bargains to go around for homebuyers. Of the 146 regions surveyed by Realtor.com, only Detroit had a median home value below $100,000 last month. Housing prices in the area did not manage to crack through the six-figure ceiling despite increasing 10% from last year, a much higher rate than the national average of 2.68% increase. This has sparked much interest among buyers. Detroit was the second-most searched metropolitan area on Realtor.com, with only the far more populous Chicago area getting more search inquiries. Meanwhile, the area’s foreclosure rate is improving. While 1.33% of houses are in the foreclosure process, that is down nearly 27% from the year earlier period.
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