Can the median price of a house in Detroit really be ... $7,500 ? Says here . ... P.S.: Also
There is no major grocery chain in the city, and only two movie theaters
In a town of 800,000?** ... Update: This housing price site suggests it was closer to $79,000 four months ago. Hard to believe it's fallen 90% since. [Thanks to reader S.B.] ... But: That site includes suburbs. The figure for Detroit itself is undoubtedly much lower. See, for example, this MSNBC report :
Overall, the residential real estate market is catastrophic, with the Detroit Board of Realtors now pegging the average price of a home in the city at $18,513.
[Thanks to reader S.E.] ... More : New man's Own investigates :
For the three months that ended in January, according to Trulia , the median sales price was $10,000. Slightly higher, but still shocking.