DETROIT-While the city's residential market is far from healthy, home prices are rising and the downtown district is actually increasing in population, despite the city's ongoing bankruptcy.
Home prices have doubled over the past year in Detroit and bidding wars are becoming commonplace in the city's more desirable neighborhoods, according to Crain's Detroit Business. Key drivers in driving prices higher are a very low for-sale inventory and less foreclosures.
"We have more buyers than we have sellers," says Ed Potas, real estate development manager for Midtown Detroit Inc. "We're seeing value come back. We're seeing buyers in the market who are bringing more cash to the table. We're in the meat of the rebound."
The real estate website Trulia reports that it's still 70% cheaper to buy in a home in Detroit than it is to rent. That factoid makes Detroit the nation's top city where "buying a home is a no-brainer," the real estate website states. See story in Crain's Detroit Business.
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