According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $11,533 in March (Year-to-Date), a -43.8% decline from the $20,514 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 23.1% to 4,139 homes, compared to 3,360 Detroit homes sold last year over the same period. From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 88%.
With a 20% down payment on a $11,533 average priced home in Detroit, the monthly payments on a 30-year fixed-rate mortgage at 5% would be only $49.53.
For the entire state of Michigan, the average YTD home sales price has fallen by -28% to $87,033 through April 2009, compared to last year’s average price of $120,481 for the same period.