Current Real Estate Market Trends:

Average price per square foot for Detroit MI was $71, an increase of 10.9% compared to the same period last year. The median sales price for homes in Detroit MI for Feb 10 to Apr 10 was $70,230 based on 1,216 home sales. Compared to the same period one year ago, the median home sales price increased 1.7%, or $1,201, and the number of home sales increased 56.5%.

The average listing price for homes for sale in Detroit MI was $64,707 for the week ending May 12, which represents an increase of 0.2%, or $151, compared to the prior week. Popular neighborhoods in Detroit include Indian Village and Morningside, with average listing prices of $330,130 and $42,869.

History of Detroit:

The largest city in Michigan, is situated in the southeast part of the state on the Detroit River. The seat of Wayne County, Detroit was incorporated as a city in 1815 and reincorporated in 1824.

Detroit is the oldest city of any size west of the seaboard colonies, having been founded by Antoine de la Mothe Cadillac on July 24, 1701, more than a century before Chicago was founded. The French were the first settlers, and they gave the city its name from their word meaning “strait,” referring to the 27-mile-long Detroit River, which connects Lake Erie and Lake St. Clair. The river forms part of the international boundary, and marks the only point where Canada lies directly south of U.S. territory.

Because of its strategic location, Detroit was fought over by the French, the British, and the Indians during the French and Indian Wars. It was the headquarters for the British forces in the Northwest Territory during the American Revolutionary War.

The first steam vessel, the Walk-in-the-Water, made its appearance on the Great Lakes in 1818, and Detroit was the western terminus for most of its voyages from Buffalo. Its link to all the important cities on the Great Lakes made it a major exporting center.

Detroit is one of the largest manufacturing cities in the U.S. and is the center of the automobile manufacturing industry, which has experienced a decline due to foreign competition in the past decade. The health and medical care sector is important to the economy, and employment in the finance, insurance, and real-estate industries has inched up in the Detroit metropolitan area since the early 1990s.

Detroit Chamber of Commerce