Thursday, April 9, 2009

Prices fall 87% from peak

Average Home Price in Detroit Falls to $12,669

According to the Michigan Association of Realtors (data here), the average sales price of a Detroit home fell to $12,669 in February, a 42.5% decline from the $22,016 average home price during the same period last year. For the entire state of Michigan, the average YTD home sales price has fallen by -31% to $85,892 through February 2009, compared to last year's average price of $124,618 for the same period. [Note: based on the graph in the article, I make that an 87% fall from the 2003 peak.]

Posted by drewster @ 12:41 AM (654 views)
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