Detroit property values boom for sixth straight year
(CBS DETROIT) - The city of Detroit is seeing a spike in the housing market for the sixth year in a row.
As property values boom, you could be seeing new neighbors in your community. Rising property values are creating profits for homeowners.
According to the Detroit Office of the Assessor, neighborhoods across the city saw a 20% increase in the last year.
Towanna Jackson from Team Peterson Jackson Realtors says East English Village is a hot neighborhood for buyers.
"Big, beautiful brick homes, English Tudors, it's just classic Detroit," Jackson said. "It's a beautiful neighborhood, active homeowners association."
Jackson says homes that used to sell for $18,000 during the crash in 2008 are now at the six-figure price-point.
"Now, we're looking in upwards of $200,000 that they're on the market for," Jackson said.
"Everyone has come in, really updated the inside. Gave it some nice modern features, with incorporating our Old English features of the house and not losing too much on the architectural component of it."
Notices of proposed assessment changes are currently being mailed out to over 408,000 residential, commercial, industrial and personal property owners.
