In 2023, a University of Michigan study revealed that Detroit home values increased by $700 million, contributing to a total gain of $4.6 billion over the past decade.

The study highlighted significant growth in neighborhoods like Condon, where the median home sale price surged from $7,500 in 2014 to approximately $80,000 in 2023, marking an impressive 862% increase.

Released by the University of Michigan Poverty Solutions, the study provided data since 2014, showcasing substantial gains for Black and Latino homeowners in the city.

City initiatives have played a crucial role in this growth, including the sale of nearly 30,000 vacant lots to adjacent homeowners and the introduction of programs like the 0% Interest Home Improvement Loan Program.

The report also noted a 96% reduction in tax foreclosures since 2016, a result of efforts from various community organizations that have helped long-term residents retain their homes and build wealth.

City officials emphasized their commitment to reducing tax foreclosures and enhancing neighborhood conditions, which has contributed to the broader economic revival of Detroit.

The findings indicate that long-term residents, particularly Black and Latino homeowners, are experiencing financial gains as the housing market in Detroit improves.

Mayor Mike Duggan attributed the rising home values to community efforts and city initiatives, including park renovations and the removal of vacant homes.

The study underscores the positive impact of increasing home values on Detroit residents, especially among communities of color who have persevered through economic challenges.

Conducted by researchers Jeffrey D. Morenoff, Kurt Metzger, and Christina Shaw, the study aimed to analyze wealth distribution across racial and ethnic groups and neighborhoods in Detroit.

Black homeowners have been particularly advantaged, accounting for 75% of the total gain, with their wealth increasing by $3.2 billion since 2014 and home values nearly doubling from $3.4 billion to $6.6 billion by 2023.

Latino neighborhoods, especially in southwest Detroit, also saw significant increases, with areas that are 45% or more Latino experiencing a remarkable 329% growth in home values since 2014.