Detroit homeowners gained a record $1.7 billion in wealth in 2023 from the appreciation of the value of their houses.
Every residential neighborhood in Detroit saw an increase, @michaeleduggan announced today.
Based on home sales data from the past two years, homeowners saw an average increase of 23% over 2022.
The rise in residential property value in the past year was so significant that the value of all residential property in Detroit grew by $1.7 billion compared to last year, the largest single-year increase on record.
Earlier this month, it was reported nationally that Detroit had surpassed Miami as the city with the highest appreciation of home values, based on an annual study released by CoreLogic.
The average Detroit homeowner has seen their property values more than triple since 2017.
