Detroit Free Press, 2/5/2018: Detroit’s residential property values have risen for the first time in at least 17 years, city officials announced Monday, with nearly 60% of residents seeing their 2018 assessments increase.
“This is another sign of progress,” Mayor Mike Duggan said in a statement. “We still have a long way to go to in rebuilding our property values, but the fact that we have halted such a long, steep decline is a significant milestone. This also corresponds with the significant increase in home sale prices we have seen in neighborhoods across the city.”
The median sale price for Detroit homes in December 2017 was $30,000, according to data from the Farmington Hills-based Realcomp Ltd. II.
Officials noted in a release that, for years, the Office of the Assessor had reduced assessments to account for the loss in value of properties in Detroit.