detroit home sales

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It's no secret that the Great Recession took a huge toll on Michigan's population.

Our state population dropped for six straight years, leveled out from 2010-2011, and increased slightly from 2011-2012.

For many cities and neighborhoods, the post-recession challenge is getting new residents back into vacant homes.

One Detroit neighborhood is succeeding in that challenge: the Grandmont-Rosedale area, which is actually made up of five smaller areas on Detroit's West Side.

Steve Carmody/Michigan Radio

Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.

Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.

Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15th, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.

Steve Carmody/Michigan Radio

Detroit’s real estate market posted some of the strongest price gains in the nation in 2012.

The just released S&P/Case-Shiller Home Price Index charts home sale prices in the nation’s twenty largest cities.

Detroit home sale prices rose more than 13 percent last year, the third highest percentage increase in the survey.

Craig Lazzara is the head of Index Investment Strategy at S&P Dow Jones Indices. He compiled the report. Lazzara says, despite the rise in prices, homes in Detroit are still selling for about what they did in 1997. 

(photo by Steve Carmody/Michigan Radio)

Detroit home prices are on track to break their record lows this fall.   Detroit home prices are nearly 80% below where they were in 2005.   That’s actually a slight improvement.     Clear Capitol says Detroit home prices bottomed out in the first quarter of 2009, at the worst of the recession.

But Clear Capitol’s Alex Villacorta says sharp declines in home prices during the last three months and the weakening economy may push prices back down this fall.