Comparing Roseville, MI to Detroit, MI

Let’s talk about how the housing market and local economy in Roseville, MI compares to Detroit, MI.

## Housing Prices

Roseville’s housing market is generally more expensive than Detroit’s:

– The median home price in Roseville is around $160,000 to $162,700[1][5].
– Detroit’s housing costs are approximately 50.2% lower than Roseville’s[6].

## Market Trends

Both cities have seen recent price increases:

– Roseville home prices were up 0.6% compared to last year, with a median price of $160,000 in August 2024[1].
– In the 48066 zip code (which includes Roseville), home prices increased by 4.8% compared to the previous year, with a median price of $163,000 in August 2024[7].
– Roseville’s median home sold price was $162,700 in September 2024, up 8.5% from the previous year[5].

## Market Competitiveness

Roseville’s housing market is described as very competitive:

– Homes in Roseville sell after an average of 12 days on the market[1].
– Many homes receive multiple offers, with some having waived contingencies[1].
– Hot homes can sell for about 3% above list price and go pending in around 6 days[1].

## Affordability

While Roseville is more expensive than Detroit, it’s still relatively affordable compared to national averages:

– Roseville’s median home price of $160,000 to $162,700 is lower than many other metropolitan areas[1][5].
– Detroit is known for being one of the most affordable major cities for homebuyers in the United States[6].

## Market Outlook

Both cities face unique challenges and opportunities:

– Roseville benefits from its proximity to Detroit and other suburban job centers, making it attractive for commuters[4].
– Detroit’s housing market has been described as overvalued, with concerns about sustainability and potential market corrections[3].

In conclusion, while both Roseville and Detroit offer relatively affordable housing options compared to national averages, Roseville’s market is more expensive and competitive than Detroit’s. Roseville has seen steady price increases and quick sales, while Detroit’s market faces some uncertainty due to potential overvaluation concerns.

Citations:
[1] https://www.redfin.com/city/17836/MI/Roseville/housing-market
[2] https://www.rockethomes.com/real-estate-trends/ca/roseville
[3] https://www.reddit.com/r/Detroit/comments/1dndzfq/detroit_now_most_overvalued_housing_market_in_the/
[4] https://strategyproperties.com/neighborhoods/
[5] https://www.rockethomes.com/real-estate-trends/mi/roseville
[6] https://www.bestplaces.net/compare-cities/roseville_mi/detroit_mi/overview
[7] https://www.redfin.com/zipcode/48066/housing-market