Where are the strongest recent recoveries in the real-estate market? Would you believe Oakland, Calif., Reno, Nev. — and Detroit?
Earlier this month, Realtor.com released its Turnaround Towns report for the second quarter of 2013. Realtor crunched numbers such as improvements in housing inventory, median list price and days on the market to pinpoint which markets have some new mojo.
The biggest surprise is the ranking of Detroit at No. 7. The city just declared bankruptcy but nonetheless posted strong improvements in the second quarter. “Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26% and becoming one of the most balanced markets in the nation,” said Steve Berkowitz, CEO of Move, which operates Realtor.com. “If this past quarter is any indication, Detroit won’t be giving up without a fight.”
Did your city make the list? Check out these homes for sale at or near the recent median sale price in each of the top 10 towns.
NOTE: All descriptive information on these listings comes from real-estate agents. Homes were listed for sale as of August 2013, unless otherwise noted.