Detroit's residential property values have increased for the first time in 17 years, according to city officials. Nearly 60% of Detroit residents will see their home assessments increase this year.
Mayor Mike Duggan said in a statement yesterday the change is another sign of progress in the city. He also noted higher home sale prices.
According to Realcomp – a Michigan real estate data company – the median home sale price in Detroit in December was $30,000.
In early 2017, Detroit finished its first city-wide residential property re-assessment in six decades.
The city says the value of commercial and industrial properties also rose.
