Less Inventory, Higher Sale Prices in Dearborn Housing Market

Home prices rose significantly in Dearborn while there were fewer properties on the market, according to Realcomp statistics from June 2013 compared to June 2012. 

The average sale prices jumped about 46 percent for the community. Meanwhile, there was a nearly 36 percent drop on inventory during that time frame. The number of foreclosure sales was down approximately 46 percent from last year. Regular home sales decreased by about eight percent, the figures show.

Home owners can still be encouraged because fewer distressed sales have created a housing environment favorable to sellers in Metro Detroit.

"Mortgage interest rates have started to climb but remain low historically. Low interest rates will continue to help fuel the housing recovery," Brian Powers of Keller Williams Realty said.

In Dearborn, the median sale price on a non-foreclosure house was $100,000--up from $69,000 the previous year. In Wayne County, prices were $105,000--up from $80,000, in the same time frame, the RealComp figures show.