Detroit home values up 30 percent in 2021, city says

January 25, 2022, 3:45 PM

Home values in Detroit increased by an average of 30 percent last year, the mayor's office announced Tuesday while promising property taxes would not jump significantly as a result.

The improvements were observed across approximately 14,000 market sales over the past two years, a relatively small portion of the 61,000 property transactions in the city. The mayor's office now tentatively estimates the total value of residential property in Detroit at $4.8 billion, compared with $2.8 billion in 2017. 

About 10 percent of the city saw gains of more than 50 percent, such as the area west of Ford's planned Michigan Avenue train station development.

Homeowners are protected by 3% cap on tax increases.

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