48069, Pleasant Ridge, MI

Pleasant Ridge is a suburb of Detroit, Michigan. The 48069 zip code has a population of about 10,000 people. Home prices in the Pleasant Ridge zip code have increased by an average of 9% over the past year. This is much higher than the national average increase of only 2%.

One reason for this high home price increase in Pleasant Ridge may be that there are relatively few homes for sale in the 48069 zip code. In fact, there are only about 100 homes for sale in the area compared to about 1,500 homes available in the Detroit metro area as a whole. This shortage of available homes may lead to higher home prices because buyers have more power to negotiate and get a better deal on a home than they would if there were more houses for sale.

Another reason for the high home price increase in Pleasant Ridge may be that many people who live there are wealthy retirees or people who work at companies with good benefits. These people may be able to afford to buy a house even if the market rate is high because they can use their home equity or their retirement savings to pay for it.