Detroit Overtakes Miami as Fastest-Appreciating Housing Market

Detroit surpassed Miami as the fastest-appreciating housing market in the US, with a year-over-year home price increase of 8.7% as of November 2023, according to CoreLogic. The US housing market overall saw a 5.2% year-over-year increase in November, despite a rise in mortgage rates, leading to a decline in housing affordability. Miami, which had been the highest-appreciating market for 16 months, attracted new residents for its warm weather, cost of living, and tax breaks. The increase in mortgage rates has led to a surge in cash sales in cities like New York, with 68% of wealthy buyers paying cash for homes to navigate the high rates.