The Average Home Price in Detroit Falls to $13,638
Mark J. Perry
939 Followers
According to the Michigan Association of Realtors (data here), the average sales price of a Detroit home fell to $13,638 in January, a -42.6% decline from the $23,755 average home price in January 2008, and a -25% decline from last year's average price of $18,128. Unit sales increased in Detroit by +37% in January 2009 to 1,007 homes, compared to 736 home sold last January.
At the state level, the average home sales price fell by -37% in January to $84,832, compared to last January's average price of $134,721.
This article was written by
939 Followers
Dr. Mark J. Perry is a full professor of economics at the Flint campus of The University of Michigan, where he has taught undergraduate and graduate courses in economics and finance since 1996. Starting in the fall of 2009, Perry has also held a joint appointment as a scholar at The American Enterprise Institute. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University and in addition, and has an MBA degree in finance from The University of Minnesota. In addition to an active scholarly research agenda, Perry enjoys writing op-eds for a general audience on current economic issues and his opinion pieces have appeared in most major newspapers around the country, including USA Today, Wall Street Journal, Washington Post, Investor’s Business Daily, The Hill, Washington Examiner, Dallas Morning News, Sacramento Bee, Saint Paul Pioneer Press, Miami Herald, Pittsburgh Tribune-Review, Detroit News, Detroit Free Press and many others. Mark Perry has been best known in recent years as the creator and editor of one of the nation’s most popular economics blogs, Carpe Diem. Professor Perry has written on a daily basis since the fall of 2006 to share his thoughts, opinions and expertise on economic issues, with a strong emphasis on displaying economic data in a visually appealing way using graphs, charts and tables.