In a surprising turn of events, Detroit rebounded from its infamous 2013 bankruptcy filing, becoming known as “America’s most unlikely real-estate boomtown.” Real estate prices in Detroit hit a low in 2009 at a median sale price of $58,900 and have since climbed annually to reach $217,100 in 2023, showcasing a growth of 113.3% over the span of a decade.

Real estate investor Chase C. Hunter found success in Detroit by purchasing properties at affordable prices, with the Detroit Land Bank Authority selling vacant properties for as little as $1,000. Hunter, who relocated from Houston to be closer to her investments, exemplifies how investors are drawn to Detroit for its unique market opportunities. As of May 2024, the median sales price in Detroit sits at $250,000, indicating a 10.5% increase from the previous year, despite remaining significantly lower than the national median sale price of $439,950.

You can read this full article at: https://papersourceonline.com/how-a-once-bankrupt-city-has-become-an-investors-paradise/(subscription required)

Private Investors Capital is a professional private mortgage note buying firm with decades of experience. Contact us today for more information.