Detroit named fastest-appreciating housing market, report says

FOX 2 (WJBK) - Prices for single-family homes surged at a faster rate in metro Detroit compared to all other major metropolitan areas in the country as of November 2023, according to a new real estate report.

Detroit saw an 9.2% increase – beating out Miami as the fastest-appreciating housing market in a metro area, according to property analytics firm CoreLogic. Miami experienced an 8.3% increase, which was followed by Charlotte, North Carolina at 7.4%.

"That report is pretty amazing when you look at the pricing of… Miami, which is the second-fastest growing besides the two cities that they actually reported out – which was Dearborn and Livonia," said Annette Compo with Keller Williams real estate.

Previously, Miami had been the quickest appreciating market for nearly a year and a half.

"The business that we’re seeing are people that are needing to sell, so when you look at relocation, loss of a family member, health issue come up –where housing is involved– we’re finding that that’s when houses are being sold," Compo said. 

Compo has been in the real estate business for over 30 years and has seen various housing trends.

"Now we have first-time home-buyers that want to buy. We've got people growing older. We’ve got kids that are graduating from high school," she said. "We’re finding that demand is greater than what the people that really want to put their house on the market."

So what should you do if buying a house was part of your New Year’s resolution?

"The biggest first step is to know ‘where is your triangle of life?’" Compo said. "Where do you want to live at? If you have kids in school, if you have a dry cleaner, banking, if you want a gym… what is the quality of life that you are looking for? And find what that town has. Once you know that area, then really be smart about your financial and build a team around you."

Nationally, housing prices could go up another 2.5% over the next year or so, according to CoreLogic.