As downtown real estate prices soar, similar to other cities in the United States, it's possible to see signs of recovery around Detroit. Other parts of the city, however, are not seeing the same changes.
John Gallagher reports: "Greater downtown Detroit residential real estate — a near-dead market only a few years ago — is now soaring with a few property owners even listing their downtown and Midtown properties for fantasy prices running into the millions of dollars."
According to Gallagher, the price spikes apply only in the greater downtown area and some of Detroit's historic districts, such as Sherwood Forest and Palmer Woods.
In much of the rest of the city, home sale prices, while rising, remain depressed. In hard-hit neighborhoods such as Brightmoor on Detroit's far west side, median home sales prices, while improving slightly, have hit just $15,000 so far this year.
Gallagher describes the real estate boom in downtown as a sign of recovery, with additional hanges like a "new arena district, the M-1 Rail (Qline) opening next year, and more" coming online, it could be that real estate prices continue to rise in the urban core and historic parts of Detroit.
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