Yahoo Finance just came out with an article late last year about Detroit's real estate surge calling it a "market like no other". Here's a LINK to it for those of you that are curious into reading further. A lot of the article talks about Detroit's past and how the real estate prices almost seem "too good to be true" with Chase Hunter, a Houston native turned Detroit real estate investor, bought properties for $1,800 - $2,000 in June 2021. The article goes on to say that, "The numbers tell the story. Detroit’s median home sale price has skyrocketed from a low of $58,900 in 2009 to $250,000 in May 2024, according to data from Realtor. That's a 324% increase over 15 years," and finished off with. "Despite the near-term challenges, major players are betting big on Detroit’s resurgence. Dan Gilbert, the billionaire co-founder of Rocket Mortgage, is a driving force behind the city’s revitalization, according to the Wall Street Journal.
His real estate venture, Bedrock Detroit, has acquired over 130 properties downtown, pouring billions into development projects.
Other corporate giants are following suit. According to the WSJ, Ford is investing more than $900 million to redevelop the iconic Michigan Central Station and its surroundings. General Motors recently announced plans to relocate its headquarters to a new development in the downtown area."
What are your thoughts on this?