Picture Detroit, and blocks of foreclosed and abandoned homes may come to mind. But think again: While the “Motor City” days are far from returning, this city’s real estate market is showing signs of recovery.
In August, the Detroit metropolitan area occupied fifth place in Realtor.com’s “Market Hotness Index.” Published monthly, this index gauges the health of the real estate market in the country’s largest 300 metropolitan areas (as measured by the number of households).
Detroit moved up from eighth place in July, after shifting between sixth and 25th place in the last 12 months. Realtor.com’s index of the 10 “hottest” metropolitan areas for August is shown here.
1. Vallejo-Fairfield, Calif.
2. San Jose–Sunnyvale–Santa Clara, Calif.
3. San Francisco– Oakland– Hayward, Calif.
4. Stockton–Lodi, Calif.
5. Detroit–Warren– Dearborn, Mich.
6. Columbus, Ohio
7. Kennewick–Richland, Wash.
8. San Diego–Carlsbad, Calif.
9. Sacramento–Rosenville– Arden–Arcade, Calif.
10.Dallas–Fort Worth– Arlington, Tex.
These rankings are based on how long listings take to sell and how many page views they receive on Realtor.com. In August, the median listing time in Detroit was just 39 days, compared to a national median of 66; in terms of interest, Detroit listings received twice the number of page views as the national average.
By: Michael Kolomatsky Sept. 14, 2017