I was on the phone with a client this week.
He had just completed my Detroit RE Playbook and we got to talking about the median price of Detroit homes.
Note: If you’re invested in or considering investing in Detroit you’d be a fool not to buy my Playbook. It’s packed with insanely valuable information you won’t find anywhere else.
There’s a video in the playbook where I discuss my strategy for locating investable areas within Detroit.
As part of that strategy, I lean on the median list price of the city.
And, at the time I recorded the video (late 2023), the median price of a single family home in Detroit was ~$75,000.
My client, Matt, brought this up and said, “So I looked it up today and it’s almost $100,000.”
He paused and said, “If this keeps going, everyone makes money.”
And he’s right.
The Detroit appreciation story often gets lost in the shuffle.
But it’s absolutely real.
See for yourself:
That’s the median price of a Detroit home over the last 5 years.
The 7-day average currently sits at $99,000 with the 90-day average at just over $93,000.
When I started investing in 2019 the median list price was $40,000 🤯
Today, there are 2,452 active listings in Detroit (excluding land) and 230 of them are listed at $40,000 and below.
That’s less than 10%. Imagine in the not-too-distant future when $95,000 is the new $40,000.
I firmly believe it’s not a matter of it, but when.
In fact, I wrote an entire blog post about this the other month and it’s fun to look back at how prices have already moved significantly higher since then!
So by all means, come to Detroit for cash flow investments, but stay for the appreciation.
You’ll be glad you did!