Detroit Outranks Miami for the first time.

[Jayvelyn Carbonel]

Detroit, in particular, stood out as an unexpected frontrunner, registering the highest year-over-year home price growth among the metro areas analyzed in the report and surpassing Miami for the first time in 16 months. Dr. Selma Hepp explained to CNBC that Detroit, with an appreciation of 8.7% as of November 2023, was catching up after trailing in home price growth during the pandemic. However, there’s more to the story than just this catch-up phase.

Detroit has transformed into a metro area, gaining popularity as an affordable destination for higher-tier housing. Overcoming its previous reputation as a city in decline, Detroit is now attracting individuals with larger budgets because their money can stretch a bit further in the city. The historic neighborhoods in Detroit offer attractive housing options that, while expensive for the area, are considered well-priced for the available features and quality.

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