For the first time in seventeen years, the City of Detroit announced average home values have increased city wide. This is significant news and is another indicator of Detroit's resurgence. While many pockets of the city have witnessed double digit gains in property values since the recession, these gains haven't been felt city-wide. According to WXYZ Detroit, values have increased by 6% overall for the entire city. In some neighborhoods like Cornerstone Village, the increase has been even  more staggering with some homes assessing 20% higher than the previous year. Inventory is also selling faster when it hits the market. Some of the neighborhoods seeing the highest rise in values include Bagley, Grandmont-Rosedale, East English Village, and Cornerstone Village. Even neighborhoods with higher vacancy rates are starting to see home values rise as the city tears down blighted and abandoned structures.

According to the article, the cumulative value for residential homes in Detroit was $8.8 billion in 2008. With the benefit of hindsight we now know that those values were inflated. This value decreased every year since 2008, hitting a low in 2017 of $2.8 billion. For the first time in 17 years, the cumulative value of homes has increased, nearing the $3 billion mark. The city of Detroit's Chief Assessor Alvin Horhn told WXYZ that the increases aren't limited to the traditionally stable neighborhoods, adding: “It is not just the normal neighborhoods, such as Palmer Woods, Sherwood Forest, East English Village. Neighborhoods that were on the cusp a few years ago are starting to rebound.” Property taxes are not expected to rise significantly however. Tax increases are capped at about 1% with no change of ownership or significant changes to the structure.