The Detroit Real Estate Market
Detroit is heating up in the real estate market. It is quickly becoming one of the best areas in the country for ROI for rental properties. There are some hot spots in the city that investors are focused on. There are also some areas of the city that people are not touching. It’s important to understand what you’re getting into before buying.
Understanding Detroit Market Values by Zip Codes
So how can you know what the values are in Detroit? Detroit is huge… 139.10 square miles huge. Seeing as how San Francisco, Boston and Manhattan can fit into the city of Detroit, it’s a lot of land to cover. Here is a quick guide from the Detroit Free Press on understanding the values of real estate in specific zip codes in the city.
Please understand that NOT all zip codes are covered in this photo. Also please keep that this very helpful article from the Detroit Free Pree (written by John Gallagher) was written in April of 2016. The way the Detroit real estate market is going right now, these prices could be much higher. Click here for the Freep article.
Zip Code by Zip Code > Neighborhood by Neighborhood > Street by Street
Even those this map is extremely helpful it’s important to realize that Detroit is zip code by zip code, block by block and then street by street. Just because a property is in a great zip code with a lot of revitalization, this doesn’t mean that every property in that zip code is a winner.
Perform your due diligence on each zip code, then focus on each neighborhood or block. Then take a look at the street. If you’re an out of state investor, it’s important to either visit the city of Detroit or have a team to research the area for you.