Detroit Housing Market Sees Stagnation in City, Growth in Suburbs

July 31, 2015

While housing sales figures in Detroit remain paltry, the city’s suburbs are doing quite well.

CNBC reports that the median price of a home in Detroit’s suburbs, an area that includes cities like Dearborn, Livonia, and Warren, is $162,900, with sales up 13 percent compared to June of last year. Sales are down eight percent in downtown Detroit, where the median home price is $21,102.

The suburbs have flourished in part due to new jobs created by companies like General Dynamics, Delphi, and BorgWarner, all located outside of city limits.

Read more