Real Estate
Detroit Is 2018's Worst Real Estate Market: Report
Many homes with negative equity and ones owned by banks have made Detroit a bad market, this new study shows.
DETROIT, MI — Detroit has been ranked as the worst real estate market in the nation in a new WalletHub study.
With home values rising by an average of more than $16,000 in the first quarter of 2018 but affordability dropping as mortgage rates get higher, the personal-finance website WalletHub released its report on 2018’s Best Real-Estate Markets.
To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 22 key metrics. The data set ranges from median home-price appreciation to home sales turnover rate to job growth.
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Detroit ranked 300th overall and 63rd among large cities. Here’s a look at how the city fared:
Health of Detroit’s Real-Estate Market (1=Best; 150=Avg.):
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- 270th – % of Homes with Negative Equity
- 161st – Job Growth Rate
- 93rd – Foreclosure Rate
- 288th – Number of Unsold Homes Owned by Banks (REOs)
- 300th – Population Growth Rate
The study also mentioned Dearborn, which was second in the nation for highest median home-price appreciation, only after Richmond, Calif.
The title of the nation's best real estate market belongs to Frisco, Texas, which has a much smaller population of about 177,000, according to U.S. Census data.
Here's a look at the nation's 10 best and 10 worst large real estate markets, according to WalletHub.
10 Best Large Real Estate Markets
1. Seattle, Washington
2. Denver, Colorado
3. Fort Worth, Texas
4. Aurora, Colorado
5. Colorado Springs, Colorado
6. Nashville, Tennessee
7. Charlotte, North Carolina
8. Austin, Texas
9. San Jose, California
10. Lexington, Kentucky
10 Worst Large Real Estate Markets
63. Detroit, Michigan
62. Cleveland, Ohio
61. New York City, New York
60. Corpus Christi, Texas
59. Chicago, Illinois
58. Baltimore, Maryland
57. Tulsa, Oklahoma
56. Miami, Florida
55. St. Louis, Missouri
54. Philadelphia, Pennsylvania
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