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City where average house costs $90,000 is hailed as the next Paris or Rome thanks to great culture, food, architecture, sport and music scenes: Was once a byword for murder and urban decay

• Detroit was ranked among 'must-see destinations' by a trendy travel magazine

• Highlights include striking landmarks and a flourishing music scene 

• The Visit Detroit campaign hopes to draw more visitors in over the next year 

By MACKENZIE TATANANNI FOR DAILYMAIL.COM

PUBLISHED: 01:49 EDT, 28 April 2024 | UPDATED: 02:05 EDT, 28 April 2024

A city in the Midwest has risen from a very troubled recent past to enjoy a huge resurgence and is now being hailed as one of the world's most exciting destinations. 

When travel magazine Afar ranked its top must-see destinations this year, the list featured options like Paris, Rome and Fiji, plus a surprise contender: Detroit.

That may shock some, given the Michigan city's reputation for violent crime and urban decay - with Detroit among the worst cities hit by the credit crunch just 17 years ago.

Detroit Home Prices Forecast to Surge Next Year

Motor City is predicted to see the strongest growth in the U.S.

Liz Lucking
ORIGINALLY PUBLISHED ON NOVEMBER 29, 2023 | MANSION GLOBAL

Detroit and Austin, Texas, are set to represent the two opposite ends of the U.S. housing market next year, with the former topping the list for property price appreciation and the other ranking dead last, according to Realtor.com’s 2024 housing forecast, released Wednesday. 

Property prices in Detroit are projected to rise 10.9% in 2024 compared to this year, outpacing the other 99 major metro areas included in the ranking.

At the high-end in particular, the Motor City’s robust housing market is being underpinned by the relative value on offer as well as the transition to electric cars drawing in transplants from other major cities to work at the many automakers headquartered there, Mansion Global previously reported.  

Meanwhile in Austin—another EV hot spot, as the home of Tesla, and one of the hottest pandemic-era property markets—prices are expected to fall 12.2% over the same time, Realtor.com said.

Home Prices in Detroit Are Rising Even Faster Than in Miami

Alex Tanzi

January 9, 2024

(Bloomberg) -- The price of a single family home rose faster in the Detroit area than any other large US metro in the year through November, bringing Miami’s 16-month run as the nation’s fastest-appreciating market to an end.

Detroit posted the highest year-over-year home price increase among the nation’s top 20 markets with a 9.2% gain, beating Miami’s 8.3% rise, according to property data provider CoreLogic. Overall, US home prices increased 5.4% in the year ending in November.

“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” said Selma Hepp, chief economist for CoreLogic. “Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”

Read More: US New-Home Sales Unexpectedly Decrease to a One-Year Low

Homes in the three largest US markets, the New York City, Los Angeles and Chicago metro areas, gained 7.2%, 4.3% and 6.3% respectively. Meanwhile, home prices in the San Francisco area are down 2.5%, the only major metro to see a decline.

While home prices in Detroit are on the rise, the latest data available from Zillow show the average price of a single family home is about $239,000, making it the least expensive of the top 20 metro areas. Meanwhile in Miami, the average price of a similar home was $550,000, up almost 60% since the start of the pandemic.

CoreLogic projects that US annual home prices will gain another 2.5% by November 2024, but some markets are under considerable pressure.

Four of the top five markets at “very high” risk of home price declines in the next year are in Florida, including the Palm Bay, West Palm Beach, Tampa, and Deltona areas. Atlanta is also on the list of metros where Corelogic estimates at least a 70% probability of a price drop.