Michigan Real Estate News

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Downtown Detroit’s Office Workers Slow To Return

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Although downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic.  In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%.  Some employers are gradually bringing employees back to the office.

 

 

Spring Homebuying Season Accelerates

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The metro Detroit housing market is off and running in the spring homebuying season. Redfin is reporting that almost 3/4 of homes on the market in metro Detroit are receiving multiple offers. Buyers are offering well above list price, free occupancy for sellers who are waiting for their next home purchase, and appraisal guarantees. Some are even paying closing costs. First-time home buyers and those financed with government-backed loans are at a disadvantage.

 

Metro Detroit Celebrates It First New Department Store In a Decade

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Bucking the trend of department store closings, the first department store grand opening was celebrated this weekend. It is the first in more than a decade. Von Maur’s new store at The Village of Rochester Hills officially opened this weekend. It is the retailer’s first new store since 2008. The new Von Maur store is located at 400 N. Adams Road.