Detroit real estate prices are still recovering from the 2008 housing crisis and city-wide bankruptcy filed in July of 2013, which Detroit exited in early 2014. Over the past year, the city has taken steps to lighten its debt and start a fresh chapter toward economic prosperity. Real estate investors and homebuyers still have the opportunity to access low for-sale prices in Detroit, hoping to profit down the road. Entering the real estate market in Detroit is accessible and a great opportunity for many, but also adds to America's hope that a once flourishing city rebounds soon.
The average list price in 2015 was $35,129 - far below the national average. Compared to 2014, when the average list price in Detroit was just $29,761, real estate sale prices are increasing 18.04 percent year-over-year. List price increases demonstrated over the past few years is great news for both Detroit homeowners and prospective investors looking to purchase in the city. Inventory seems to be on the rise as well, with a 5.43 percent increase of number of homes for sale between 2014 and 2015. Although Detroit's in a rebuilding phase, the culture and history of the city hasn't fallen with hard economic times. Trulia ranks Detroit's arts scene a 5 out of 6 tiers. Nightlife is also big in Detroit, with a 5 out of 6 score. And the restaurant scene is on the rise, with top critics calling Detroit, "a food mecca," even amidst it's financial hardships.