What was nearly a dead market just a few years ago is now soaring to insane heights, with a few property owners even listing Detroit downtown and Midtown properties for millions of dollars.
And the growth is real, not just some wild fantasy—empty nest Baby Boomers and Millennials are behind the revival. They are willing to pay prices close to $300 per SF for upscale condos, prices unheard of for years, the Detroit Free Press reports.
In Detroit’s Midtown, median home sale prices this year have shot up to $293k, nearly double the median price of $168k in spring 2013. After years of decline, it looks like Motown is back in business. [DFP]
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