A new study of nationwide home prices ranks the Motor City as the most affordable market in the country for moving families.
According to data complied by Coldwell Banker Real Estate
, the average home listing price in Detroit was just over $68,000 - by far the lowest of any of the 300 cities included in the study. Two other Michigan cities - Grayling and Port Huron - also finished in the top 10, along with Kansas City, Missouri and Cleveland, Ohio.
"Our study shows that homeownership in the United States is generally affordable," said Jim Gillespie, chief executive officer of Coldwell Banker Real Estate. "Today those who have the financial resources and a desire to move up to a larger home have a unique opportunity to take advantage of historically low mortgage interest rates coupled with comparatively lower prices and greater selection."
By contrast, the average home listing in the most expensive market in the U.S. - Newport Beach, California, was more than $1.8 million. San Fransisco, California; Greenwich, Connecticut and Honolulu, Hawaii were among a number of other cities which each had average listings higher than $1 million.
Home prices in Detroit have slowly begun to rebound after low moving numbers fueled a drop in prices. According to data from Realcomp
, the median sales price of homes in the city jumped more than 16 percent in last month compared to August of last year.