Detroit Overtakes Miami as Fastest-Appreciating Housing Market in Late 2023

Home prices surged 5.2% nationally in November, with the Northeast leading the gains and states like Rhode Island, Connecticut, and New Jersey seeing the strongest growth. Detroit surpassed Miami with an 8.7% annual price gain, marking the first time it has beaten Miami in 16 months. The surge is attributed to pent-up demand, low mortgage rates, and prolonged inventory shortage. While Detroit's home prices are among the most affordable, they are considered overvalued compared to local income levels. Overall, the housing market's future trajectory will depend on supply and demand dynamics.