The Detroit metro area's residential real estate market has
been on a strong, nine-month rebound.
According to Farmington Hills-based Realcomp, the Multiple
Listing Service for southeast Michigan, the median selling price of metro
Detroit homes jumped 41 percent year-over-year in November to $120,250, The
median selling price in metro Detroit in November 2012 was $85,100.
Real estate tracking firm Zillow reports that home values
were up 23 percent in metro Detroit year-over-year in November. That's
according to its Home Value Index, which it calculates by taking the median
estimated home value for a given geographic area on a given day, including all
residential, single-family addresses.
