Market Leaders Profile: Detroit

Data and information on the Detroit remodeling market

September 30, 2009

 

Population: 4,425,110 (0.6 percent decrease since 2000)

Existing home sales: Q2 2009 sales were up 16.1 percent from 2008 and up 28.8 percent from Q1

Home prices:

  • Down 25 percent from 2008
  • Down 45.3 percent from December 2005 local peak
  • Down 42.9 percent over last 5 years
  • Down 27.8 percent over last decade

Homeownership rate: 74.2 percent (No. 5 among major metros)

Median household income: $53,593

Local unemployment rate: 17.7 percent (up from 9.3 percent in 2008)

Sources: Michigan Association of Realtors, S&P/Case Shiller Home Price Index, U.S. Bureau of Labor Statistics, U.S. Census Bureau

 

RELATED LINKS



Detroit Free Press: Detroit on brink of financial ruin

How Bad Things are in Detroit



Follow the Money: Profile of Detroit Market Leader D.A. Home Improvement

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