Michigan Real Estate News

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Suburb Home Values Outpace Urban Areas

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The suburban real estate market is winning the property value race against the urban market. Up until June 2021, urban homes were gaining dollar value more quickly. However, after July 2021, home values in the suburbs rose faster due to the shift to remote work. Urban home values have continued to accelerate, but suburban home values are edging them out.

 

Star Southfield Theater To Be Repurposed

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The Triumph Church is expecting to repurpose the shuttered Star Southfield movie theater into a new campus. The site will include a worship center, a children’s area, a student area and a community space. The church site will also provide assistance with transportation, medical, financial and rental assistance, employment skills training, a pregnancy center and counseling center.  Converting movie theater sites is often difficult due to their sloped floors and layout. The plan includes a 1,600-seat worship center, a 350-seat chapel, and a fellowship hall in the main lobby area.  In other areas of the country, repurposing of theaters has taken on many forms like medical offices, a department of motor vehicles and self-storage.

 

 

Metro Detroit’s Home Prices Highest in Decades

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Metro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.