Detroit, Michigan

Detroit has one of the hottest residential real estate markets in the nation. It is in the top 20, having achieved a number 19 ranking. Last month Detroit-Dearborn-Warren also achieved the same number 19 ranking. California gets the prize with 13 of the top 20 cities being in that state. And only 2 cities in the Midwest achieved the status of being in the top 20 cities ranking – Columbus Ohio, and Detriot Michigan.

This ranking was given according to the amount of time homes remain on the market and also according to number of listing views in housing markets ranging from mid size to large size housing markets. Houses in Detroit are staying on the market a median number of 68 days.

But, Detroit homes vary greatly, depending on the neighborhood. And if you are looking for homes that are affordable, it’s pretty challenging. There are not a lot of these homes, and quite a few people are looking for them. One route to go for getting an affordable home is to look for foreclosures as well as buildings needing to be rehabbed.

Moving on the commercial real estate – specifically multifamily housing in Detroit. The highest rental costs downtown on an average basis is in Grand Circus Park. Some apartment buildings in this area are the Kales Apartments, David Whitney Building, and Broderick Tower. Grand Circus Park is where you will find the highest average rents in the downtown location. And it also has a very high occupancy of 98.8 percent. Because of construction at City Club Apartments, there will be an increased number of apartments in Grand Circus Park.

When it comes to the Central Business District, there is a sharp rise in apartment unit cost because there are now micro-apartments in the district. These apartments have utilities covered and are furnished – which has obvious appeal. The occupancy of Central Business District is 94.2 percent.

Midtown has a very high occupancy – it has achieved 97 percent. And it has the distinction of having the biggest concentration of medical, educational and cultural institutions in Michigan’s Southeast Region.