Home values in Detroit increase for first time in nearly two decades
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.