Michigan Real Estate News

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Median Home Prices Reach New Heights in Detroit

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Detroit’s median sales price for a home topped $100,000 in June. According to the CEO of Realcomp, it’s the first time values have been that high, and it’s an important benchmark. The median sales price of $100,250 in Detroit is based on June sales figures. Wayne, Macomb and Oakland county values have also reached new heights with increases ranging from 10.1 to 17.6 percent increases. While the increases benefit homeowners, it leaves many first-time buyers grasping at straws. Inflation, high demand for housing, and the scarcity of new construction have contributed to the issue.

 

Birmingham Couple Files Race Discrimination Lawsuit in Federal Court

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Birmingham couple, Jeffrey Hall and Deann Nash have filed a federal lawsuit alleging housing discrimination. They purchased property in Paint Creek Estates in Oakland Township and submitted plans for a stone house to the neighborhood’s architectural review committee. The committee rejected the plans. The HOA insists the rejection is about design and not race. Hall is Black and Nash is white. They are claiming violations of the Fair Housing Act. Their plans follow the community’s bylaws, while a white-owned home that did not follow the bylaws in square footage and brick color was approved. 

 

Harper Woods Developer Buys Cleveland Apartment Project.

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Harper Woods-based developer American Community Developers Inc. purchased and has renovation plans for a 484-unit apartment project in Cleveland.  The company specializes in the buying and rehabilitating affordable housing. Cleveland’s Rainbow Terrace was built in the 1950s and sits on 31 acres. The units are a mix of garden-style apartments and townhouses for low-income families. The company paid $8.55 million and expects to spend about $18 million on upgrades and deferred maintenance.