Despite a drop in home sales, the median sales price jumped more than 20% in Detroit year-over-year in December, according to a recent report from Realcomp. The median sales price, up 21.4% to be exact, grew to $85,000 last month.
Homes are staying on the market for less time too, with the average number of days on the market for the entire MLS down from 91 days last year to 80 in December.
Along with a decrease in market time comes a drop in on-market inventory as well. The housing inventory declined by 20.6% from 25,989 in December 2011 to 20,641 in December 2012.
Approximately 12.5% of the inventory was comprised of foreclosures, while short sales made up 19.8% of the on-market inventory in December.
"Interest rates are low; the economy is starting to pick up; inventory is low; many bids on properties that become available which drives the price up," said Realcomp CEO Karen Kage.