48205, Detroit, MI

Detroit is one of the most economically challenged cities in the United States. The city has been struggling for over a decade with high levels of poverty, unemployment, and crime. Despite these challenges, home prices in Detroit have remained relatively high compared to other cities throughout the country. In fact, according to Zillow, the median home value in Detroit is $101,000 which is more than double the national median home value of $49,000.

One reason for this high home value is that there are a limited number of homes available for sale in Detroit. According to Trulia, there were only 2,527 homes available for sale as of March 2019 which is less than half the number of homes that were available for sale five years ago. This shortage has driven up prices and made it difficult for people who want to buy a home in Detroit to do so.

Another factor contributing to the high home values in Detroit is the fact that many people are willing to pay a premium for property located in this city. According to Zillow, the average price increase across all U.S. cities over the past year has been 3%. However, in Detroit this increase has been much higher at 6%. This indicates that people are willing to pay a lot more money for property located in Detroit than they would elsewhere in the country.

Despite these factors, there are also some reasons why home values may not be as high as they seem on first glance. For example, many homeowners who bought their homes prior to 2008 when housing prices peaked may now find themselves underwater on their mortgages due to declining values and increased interest rates over time. Additionally, many homeowners who bought their homes during or after 2017 when house prices began declining may now find themselves struggling financially because their houses are worth less than what they owe on them