It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
Stacker compiled a list of cities with the fastest-growing home prices in the Detroit-Warren-Dearborn, MI metro area using data from Zillow. Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. Data was available for 153 cities and towns in Detroit.
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#30. Emmett, MI
- 1-year price change: +$6,355 (+2.2%)
- 5-year price change: +$93,474 (+47.7%)
- Typical home value: $289,550 (#72 most expensive city in metro)
#29. Trenton, MI
- 1-year price change: +$6,761 (+3.1%)
- 5-year price change: +$58,679 (+35.7%)
- Typical home value: $223,141 (#108 most expensive city in metro)
#28. Huron, MI
- 1-year price change: +$6,920 (+2.3%)
- 5-year price change: +$88,726 (+41.2%)
- Typical home value: $304,229 (#62 most expensive city in metro)
#27. South Lyon, MI
- 1-year price change: +$7,035 (+1.6%)
- 5-year price change: +$117,488 (+35.6%)
- Typical home value: $447,753 (#16 most expensive city in metro)
#25. Brighton, MI
- 1-year price change: +$7,047 (+1.8%)
- 5-year price change: +$118,028 (+40.5%)
- Typical home value: $409,281 (#27 most expensive city in metro)
#24. Belleville, MI
- 1-year price change: +$7,424 (+3.0%)
- 5-year price change: +$72,448 (+40.5%)
- Typical home value: $251,528 (#90 most expensive city in metro)
#23. Walled Lake, MI
- 1-year price change: +$7,494 (+3.2%)
- 5-year price change: +$68,941 (+40.7%)
- Typical home value: $238,257 (#101 most expensive city in metro)
#22. Howell, MI
- 1-year price change: +$7,573 (+2.2%)
- 5-year price change: +$103,728 (+40.6%)
- Typical home value: $359,305 (#46 most expensive city in metro)
#20. Birmingham, MI
- 1-year price change: +$7,803 (+1.3%)
- 5-year price change: +$149,611 (+32.3%)
- Typical home value: $612,195 (#5 most expensive city in metro)
#19. Allenton, MI
- 1-year price change: +$8,118 (+2.6%)
- 5-year price change: +$95,429 (+42.9%)
- Typical home value: $318,109 (#59 most expensive city in metro)
#18. Sylvan Lake, MI
- 1-year price change: +$8,280 (+2.4%)
- 5-year price change: +$86,098 (+32.3%)
- Typical home value: $352,432 (#50 most expensive city in metro)
#17. Warren, MI
- 1-year price change: +$8,365 (+4.6%)
- 5-year price change: +$72,412 (+61.4%)
- Typical home value: $190,307 (#123 most expensive city in metro)
#15. Grosse Ile, MI
- 1-year price change: +$8,383 (+2.3%)
- 5-year price change: +$95,791 (+34.9%)
- Typical home value: $370,464 (#39 most expensive city in metro)
#14. Goodells, MI
- 1-year price change: +$8,587 (+3.1%)
- 5-year price change: +$110,622 (+63.0%)
- Typical home value: $286,131 (#75 most expensive city in metro)
#13. Royal Oak Township, MI
- 1-year price change: +$9,093 (+7.4%)
- 5-year price change: +$66,908 (+103.9%)
- Typical home value: $131,317 (#145 most expensive city in metro)
#12. Franklin, MI
- 1-year price change: +$9,857 (+1.3%)
- 5-year price change: +$201,799 (+35.4%)
- Typical home value: $771,368 (#3 most expensive city in metro)
#10. Ray, MI
- 1-year price change: +$11,121 (+3.2%)
- 5-year price change: +$105,172 (+41.9%)
- Typical home value: $356,222 (#49 most expensive city in metro)
#9. Gregory, MI
- 1-year price change: +$11,431 (+4.1%)
- 5-year price change: +$87,314 (+42.4%)
- Typical home value: $293,107 (#69 most expensive city in metro)
#8. Armada, MI
- 1-year price change: +$11,861 (+3.9%)
- 5-year price change: +$86,534 (+37.3%)
- Typical home value: $318,627 (#58 most expensive city in metro)
#7. New Haven, MI
- 1-year price change: +$12,150 (+4.5%)
- 5-year price change: +$91,104 (+47.1%)
- Typical home value: $284,650 (#76 most expensive city in metro)
#5. Grosse Pointe Shores, MI
- 1-year price change: +$14,815 (+2.2%)
- 5-year price change: +$152,878 (+29.0%)
- Typical home value: $679,791 (#4 most expensive city in metro)
#4. Plymouth, MI
- 1-year price change: +$15,099 (+3.7%)
- 5-year price change: +$101,361 (+31.3%)
- Typical home value: $425,576 (#23 most expensive city in metro)
#3. Northville, MI
- 1-year price change: +$15,165 (+3.0%)
- 5-year price change: +$115,053 (+28.2%)
- Typical home value: $522,598 (#9 most expensive city in metro)
#2. Gibraltar, MI
- 1-year price change: +$19,739 (+9.2%)
- 5-year price change: +$83,951 (+55.4%)
- Typical home value: $235,383 (#102 most expensive city in metro)
