A new report finds home prices are beginning to stabilize in Metro Detroit after a period of great uncertainty. The results echo trends across Michigan and nationwide, though Detroit home prices remain comparatively low and the city continues to have one of the hardest-hit real estate markets.
Alex Villacorta is the Director of Research and Analytics at Clear Capital, a research firm that conducted the study. He said since the housing market’s lowest point in 2009, there has been a 3 percent increase in Detroit home prices. But he added that the figure is deceptive since the housing market has been spiking so wildly over the last few years.
“Overall, Detroit home prices have been very depressed,” he told HuffPost. “In total we saw a nearly 78 percent decline from the peak value in late 2005 to the lowest point in 2009.”