Capital Manor Market Trends

Detroit, Michigan

The Detroit housing market has experienced notable changes:

Median Sale Price: Homes sold for a median price of $95,000, marking a 13.8% increase from the previous year.
Days on Market: Properties typically remained on the market for 52 days, slightly longer than the 41 days reported the previous year.
Inventory Levels: The market faced a persistent inventory shortage, with active listings around 3,200 homes, a decline of about 6% from the previous year.
Rental Market: The median rental rate in Detroit was estimated at $990, with approximately 33,000 renter households spending more than 50% of their income on rent in 2022.
Office Market: The Metro Detroit office market vacancy rate decreased by 50 basis points to 21.9% during the fourth quarter of 2024, with 437,595 square feet absorbed.

The Philidelphia real estate market has exhibited the following trends:

Median Sale Price: Homes sold for a median price of $260,000, reflecting a 10.9% increase from the previous year.
Days on Market: Properties typically remained on the market for 51 days, slightly less than the 53 days reported the previous year.
Inventory Levels: The market faced a persistent inventory shortage, with active listings around 1,189 homes, a decline of about 6% from the previous year.
Rental Market: The average home value in Philadelphia was approximately $218,849, marking a 3.5% increase over the past year.

The New York City real estate market has exhibited the following trends:

Manhattan Market:

Median Rent: The median rent in Manhattan was $4,500 per month in December 2024, unchanged from November but up 1.6% year-over-year.
Price Per Square Foot: In November 2024, the median price per square foot for residential apartments in Manhattan was $1,381, a 0.9% decrease from the previous month but a 2% increase year-over-year.

Brooklyn Market:

Median Home Prices: Brooklyn's luxury real estate market is surging, with neighborhoods like Red Hook and Carroll Gardens now ranking among New York City's 10 most expensive, each with median home prices near $2 million.

Office Space Market:

Office Space Demand: The Manhattan office market is experiencing a resurgence, with office space demand surpassing pre-pandemic levels for the first time in November 2024.