The prices in real estate in Detroit, in the Michigan region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Detroit has had a strong decrease during the last 6 months. In April, the average price per sq.feet was $129. In the following month the price per sq.feet decreased considerably to $63. In the following two months the price per sq.feet has barely changed, going from $96 to $95.5 per sq.feet. The price per sq.feet has had a considerable deflation of 69 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $95.75 to $66 during August, and September.
Based upon to the price in Detroit (cities), this has fallen considerably in the last 6 months. The average price for April is $201,642. During May the price had a considerable reduction till $96,275. In the following two months the average price has remained the same with regard to the previous two months from $148,958.5 to $154,240.5. During the last two months the average price has had a strong fall compared to the previous four going from $151,599.5 to $100,697, which means a 66 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $83,238 they are 21 % more affordable than the average price for Detroit. The properties with the highest average price have 1 bedroom, Their price is 99 % more costly than the average. After that we have properties with 2 bedrooms priced at $155,641.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the most costly ones at a cost of $65 / sq.feet, with an average $58 / sq.feet price in Detroit. The properties with the highest average prices have 1 bedroom. They are 224 % more expensive than the average followed by properties with 2 bedrooms with a price at $137 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of $83,238 it is 48 % cheaper than the average price in Detroit. "House" is seen as the second most affordable property type. The dearest property type is "Condo" followed by "Townhouse". At a price of $82,475 it is 263 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Townhouse" at an average cost of $30 / sq.feet followed by "House" priced at $54 / sq.feet. "Condo" is the most costly type of property with a $228 / sq.feet cost followed by "Apartment" with an average price of $145 / sq.feet.