City Transformation, Neighborhoods, News, Places, Real Estate

Downtown, Rosedale Park, Palmer Park are hottest neighborhoods in 2017, says Redfin

16142567_1407031492671640_8678551631885218351_n

The hottest neighborhoods in Detroit this year are Downtown, Rosedale Park and Palmer Park.

So says real estate company Redfin.

A street in Rosedale Park

A street in Rosedale Park

Butterfly Garden in Palmer Park Photo Barbara Barfield

Butterfly Garden in Palmer Park
Photo Barbara Barefield

“Downtown Detroit real estate is on the rise and will probably get even hotter when the new arena is done,” says Redfin agent Terry Kaltsas. “Little Caesars Arena will house two of Detroit’s sports teams, the Pistons and Red Wings, and will be smack-dab in the middle of a 50-block entertainment district that’s already bursting with new residents and new businesses, all of which will bring a ton of new jobs downtown for residents in the area.”

Redfin’s Hottest Neighborhoods’ prediction is based on the most recent growth it’s seen in pageviews and favorites on Redfin.com. It also checked in with Redfin agents to find out what’s been driving these trends.

“Redfin research shows that over the past five years, home prices in urban cores have shot up 50 percent faster than in the metro areas as a whole,” said Redfin chief economist Nela Richardson. “Our data on homebuyer activity shows that this year people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits. The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”

For more information on the Detroit market you can go to Redfin’s data center.

– Top picture from Downtown Detroit Partnership

About the Author