Metro Detroit real estate info

How bad is the metro Detroit real estate market? If you ask about sales in the under $125,000 price range it ok.... low price decent condition homes are selling fast. But if you ask about how far the market has fallen then it is a total different story.

One of my clients closed on a Livonia condo today. It was over 1000 sq ft and we got it for $35,000. A few years ago it probably sold for $140,000. But was is even more remarkable is that the seller bought the condo for $61,000 nineteen years ago. Livonia real estate has dropped in value dramatically.

19 years ago the house sold for more than it is selling for today! It's unbelievable but true. 57% less than what is was 19 years ago! Some Redford bungalows are selling 25% of what the homes were selling for 5 years ago. Even my own subdivision is 40% off their highs of 5 years ago.

Russ Ravary your metro Detroit real estate agent.