Detroit is on a list of top 10 “Turnaround Towns” compiled by realtor.com using an algorithm based on inventory, median list price and days on market, plus search and listing activity on the listing portal.
During the second quarter, median age of inventory was down 14.4 percent from a year ago, with homes selling in 83 days on average. Median listing prices were up 5.4 percent, to $196,000, while inventory was down 10.3 percent, with an average of 1.8 million homes on the market on any given day in April, May and June.
In Detroit, median list prices on realtor.com were up 37.8 percent from a year ago, and inventories were down 26.5 percent. Median age of inventory was 45 days, down 25 percent from last year. Source: prnewswire.com.