It’s well known by Detroiters and the country as a whole that Metro Detroit has a significant shortage of public transportation. To work toward fixing this issue construction began in 2014 on Detroit’s first light rail system running up Woodward Avenue connecting Downtown Detroit to the New Center area just north of Detroit’s Midtown called the Q-Line. Ultimately construction of the Q-Line was finished and opened for business on May 12, 2017. The question I get from a lot of my clients is what impact did the opening of the Q-Line have on real estate values in Detroit. Well as you can imagine it had a significant impact! Here are some examples:
- 5766 Trumbull St a 1,083 SF 2 bedroom 1 bath condo. The condo was purchased on 7/26/2016 for $245,000 and sold on 10/17/2018 for $345,000, which represents a 41% increase in value over 15 months!
- 3670 Woodward a 967 SF 1 bedroom 1 1/2 bath condo. The property was purchased on 6/19/2014 for $163,517 and sold on 5/17/2017 for $319,000, which represents a 95% increase in value over a 3 year period.
- 444 W. Willis St a 1,400 SF 2 bedroom 2 bath condo. The property was purchased on 5/30/2014 for $247,999 and sold on 9/2/2018 for $490,000, which represents a 97% increase in value over a 3 1/2 year period.
So just like it has in every major market across the world, development of public transportation has had a major impact on property values in the city of Detroit. The question is…Is it too late to participate in this growth? Absolutely not. There are plans for the Q-Line to continue further up Woodward to Ferndale. The plans are already in place and the Mayor is asking for it. So when it becomes a reality and construction begins areas like the North End and Highland Park are going to see very significant increases in property values. One neighborhood in particular to focus on is the Historic Boston Edison Neighborhood. Want an example of what you can buy now in Boston Edison. Check out one of our featured properties for sale at 1525 Edison St.
Let us know how we can help!