Detroit Real Estate Up 20% in 2019 the Most in 2 Decades…Which Neighborhoods Did the Best?
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Mayor Mike Dugan announced Tuesday the Detroit Home Values increased 20% city wide last year, the largest increase in two decades!
It would also mark three years of growth after 17 consecutive years of declining home values.
The city’s focus on blight removal and improved services drove the growth, he said at a City Hall press conference. Of 194 city neighborhoods, 186 neighborhoods saw values increase in 2019. That’s the most growth in a single year since 1997, according to city officials.
“We’ve waited a long time for this,” Duggan said. “We’ve got people staying and moving into these neighborhoods instead of moving out.”
According to the city, nearly half of Detroit’s neighborhoods saw their average home value increase between 20 to 30 percent. Those neighborhoods includes large swaths of Corktown, Boston-Edison, Southwest Detroit, the Villages, Jefferson-Chalmers, East English Village, the Live6 area, and others. Only 4 percent of neighborhoods saw home values decrease.
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