A report that captures a snapshot of America's post-pandemic economic rebound shows that major U.S. cities, including Detroit, have seen a significant surge in home prices, with the Motor City ranking second highest in growth. The Mortgage Calculator report, utilizing data from Redfin's U.S. Housing Market Overview and Zillow Home Value Index, illustrates a notable 72% jump in Detroit's average home prices from $46,586 in March 2020 to $80,127 in October 2024, as reported by CBS News Detroit.

The Detroit Free Press reported this view, noting the city's impressive climb in real estate values, alongside other communities within southeast Michigan and nationwide, since the shake-up caused by the pandemic. The World Health Organization officially ended the pandemic in May 2023, yet the rippling effects persist in the real estate market. Detroit's zenith in median home prices, a substantial 61.3% increase, signifies the city's ongoing recovery and attractiveness for home investments, according to Darralyn Bowers of Bowers Realty.

Meanwhile, all 50 of the most populous metro areas in the U.S. have experienced a year-over-year rise in home prices for the first time since May 2022, a phenomenon highlighted by Redfin's December figures. In particular, Redfin observed a remarkable 15% price augmentation in Cleveland, while Detroit registered a 5.9% uptick, placing it among the cities weathering the volatility of the housing market. "Places that have long been known as affordable places to live, like Cleveland and Milwaukee, are now seeing double-digit price increases," Redfin Senior Economist Elijah de la Campa stated, as per Redfin.