Perhaps the best news in Detroit over the past few years has been the interest, development and investment in the city’s neighborhoods.
As neighborhoods grow, so does the rest of Detroit. A proper balance between the downtown core and the rest of the city is essential to the area’s long-term health. So when a real-estate company such as Redfin notes which Detroit neighborhoods are the hottest, it’s something worth checking out.
Recently, Redfin rated downtown Detroit as well as Rosedale Park and Palmer Park as the hottest neighborhoods in the city. The company predicts these neighborhoods will grow the fastest in 2017 with high average sales prices and low number of days on the market for homes in these areas.
“Downtown Detroit real estate is on the rise and will probably get even hotter when the new arena is done. Little Caesars Arena will house two of Detroit’s sports teams, the Pistons and Red Wings, and will be smack-dab in the middle of a 50-block entertainment district that’s already bursting with new residents and new businesses, all of which will bring a ton of new jobs downtown for residents in the area,” said Terry Kaltsas, a Redfin agent who covers most of Metro Detroit as well as the city itself.
Redfin came up with these results by using data from thousands of customer visits to Redfin.com, combined with the local expertise of its real estate agents. Redfin notes that high-growth job centers such as downtown Detroit are driving the hottest neighborhoods for 2017. But neighboring areas, such as Palmer Park, are getting their share as well.
While many of 2017’s hottest neighborhoods come with longer commutes, Redfin agents say they offer homebuyers the best balance of everything: quick access to public transit, trendy shopping and dining options, plus larger move-in ready homes with charm and price tags that are a little easier to bear.
“Redfin research shows that over the past five years, home prices in urban cores have shot up 50 percent faster than in the metro areas as a whole,” Redfin chief economist Nela Richardson said in a statement. “Our data on homebuyer activity shows that this year people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits. The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”