DETROIT (December 24, 2014) – As 2014 comes to a close, Detroit investors are encouraged by the year’s numbers, and 2015 has a promising economic forecast as well.
In 2014, the median sale price for a private home in Detroit was $115,000. This is a marked improvement over the 2013 prices, which hovered around $85,000 on average. This kind of increase is believed to be due to the influx of outside investors coming into Detroit from other states and countries, as downtown Detroit’s buildings were being purchased for new office buildings.
Also, fewer homeowners are in foreclosure, and many are holding on to their properties until the rates increase even more. This has kept the inventory low as the demand grew for homes in the area.
In 2013, it took an average of 84 days to sell a home once it hit the market. In 2014, that number decreased significantly to just 29 days. Realtors are reporting that houses receive offers within hours of becoming available.
Detroit is now considered a prime growth region in the United States, with a low cost to purchase property and a market that is ripe for investors. Plans for new hotels and convention centers are in the works, and the buzz surrounding the re-emergence of Detroit as a major metropolis in the U.S. has added to the allure.
Major grocery stores that cater to the upper middle class, like Whole Foods, began opening stores, and internationally acclaimed clothing designers like John Varvatos have plans to open clothing stores downtown. Restaurants are popping up on every street corner, and the downtown is once again becoming a vibrant city center.
Real estate website Zillow.com predicts that the housing market will see another 3.4% increase in 2015. Property investment company Own It Detroit has seen a sharp increase in both residential and commercial Detroit investors this year, and are working hard to keep a vast inventory that will meet clients’ needs. Real estate agents, brokers, and property managers are gearing up for what is shaping up to be another successful year in Detroit’s real estate market in 2015.
About:
Own It Detroit is comprised of seasoned Detroit real estate investors and property owners who are looking to help others invest in Detroit real estate. All properties they sell must pass a vigorous 110-point inspection and carry a one year warranty. Own It Detroit also offers attractive financing options for buyers.
For more information, please visit www.OwnItDetroit.com
Media ContactCompany Name: Own It Detroit
Contact Person: Mousa A. Ahmad
Email:Send Email
Phone: 313-324-4114
Address:19853 West Outer Drive Suite 300
City: Dearborn
State: MI
Country: United States
Website: http://ownitdetroit.com
