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* Skip to main content * Skip to secondary menu * Skip to primary sidebar * Skip to footer * News * Beginners Guide * Deals * Housing Market * Financing * Strategy * Mortgage * About Us * Contact Us DETROIT’S HOME PRICES OVERTAKE MIAMI’S IN NOVEMBER SURGE January 31, 2024 by Admin Leave a Comment A recent CoreLogic report indicates a significant and unexpected shift in the housing market: for the first time, Detroit’s home prices surpassed Miami’s annual gains in November. With an 8.7% increase, Detroit ended Miami’s 16-month streak as the leader in price growth, whereas Miami still showed a robust rise of 8.3%. CoreLogic’s chief economist, Selma Hepp, attributes Detroit’s leap to “pent-up demand accelerating home price inflation. ” _______________________________________________________________ * Detroit home prices surpass Miami, leading annual gains in November. * Remote work shifts buyer interest to more affordable cities like Detroit. * CoreLogic reports a national rise in home prices, with some regions seeing declines. _______________________________________________________________ DETROIT’S HOME PRICES OVERTAKE MIAMI’S IN NOVEMBER SURGE The trend reflects a shift in housing preferences, partly due to the flexibility of remote work. Detroit’s resurgence and affordability are attracting professionals away from traditional metropolitan areas. Nationally, CoreLogic’s data shows a 5.2% rise in home prices in November year-over-year, a slight increase from October’s 4.7%. The Northeast saw the highest regional gains, with Rhode Island at 11.6%, Connecticut at 10.6%, and New Jersey at 10.5%. Conversely, Idaho, Utah, and Washington D.C. experienced price declines. Hepp comments on the sustained market strength, noting it as impressive against widespread affordability issues. Although lower mortgage rates have supported purchasing power, the scarcity of available homes continues to drive prices upward. However, concerns emerge as Detroit’s growing prices outpace income growth, risking overvaluation. CoreLogic’s analysis suggests that 82% of major metro areas are overvalued. Detroit’s recent performance may hint at changing dynamics in the housing market. As buyers seek value in less conventional locations , other cities might follow Detroit’s example, challenging traditional market leaders in 2024. Sign up for our newsletter to stay informed on housing market trends and emerging opportunities, providing the latest data and insights. Filed Under: News READER INTERACTIONS LEAVE A REPLY CANCEL REPLY Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. PRIMARY SIDEBAR FOLLOW US ON * * * * * * BE THE FIRST TO KNOW Please enable JavaScript in your browser to complete this form. Please enable JavaScript in your browser to complete this form. Name * First Last Email * Submit MORE TO SEE NEW STUDENT LOAN REPAYMENT PLAN OPENS DOORS TO HOMEOWNERSHIP March 3, 2024 By Admin RISING HOME SALES FUELED BY LOWER MORTGAGE RATES BUT CHALLENGES LOOM AHEAD March 3, 2024 By Admin FOOTER TEXT WIDGET This is an example of a text widget which can be used to describe a particular service. You can also use other widgets in this location. Examples of widgets that can be placed here in the footer are a calendar, latest tweets, recent comments, recent posts, search form, tag cloud or more. Sample Link. RECENT * A Guide to Scaling Your Rental Investment Portfolio for Success in Real Estate * New Student Loan Repayment Plan Opens Doors to Homeownership * Rising Home Sales Fueled by Lower Mortgage Rates But Challenges Loom Ahead * How Your Parent’s Home Ownership Influences Your Path to Buying a Home * A Guide to Reduce Capital Gains Taxes When Selling Your Home SEARCH Search the site ... Menu * Home * About Us * Privacy Policy * Terms of Service * Contact Us Facebook Instagram Twitter Youtube Copyright © 2023 · Real Estate Investing News