City-by-city price comps

As American manufacturers struggle to stay afloat, Detroit continues to feel the brunt in terms of job losses and low home demand. Even with a decline in foreclosures, it still posted the 10th-highest metro foreclosure rate in 2008, according to RealtyTrac. It’s one of the few markets, though, where home prices are 17 percent lower than equilibrium, according to Local Market Monitor.

Median price end of 2008: $63,267
Median price end of 2007: $112,700
Percent change: -43.9%
Projected change through Q3 2009: -7.4%
Affordability rating: 0.0
Foreclosures in 2008:

(1 for every 22 households)
Foreclosures in 2007:

(1 for every 20 households)
Change in foreclosures: -7.7%
Expected to hit bottom: Q1 2010
Percent drop needed to reach bottom: -36.3%
Note: median price data from Realcomp II, the Detroit metro area’s multiple listing service company.
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $88,633
Q2 2008 local median price: $94,673
Q3 2008 local median price: $96,000
Q4 2008 local median price: $63,267

 Back to the 40-city chart overview.

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