Detroit homeowners are seeing real wealth gains as home values climbed by an average of 19% in 2024. The rise, amounting to $1.4 billion in new wealth, marks the second-largest increase in the city’s history. Nearly every Detroit neighborhood—99% of them—experienced value growth, showing the resilience and dedication of the city’s residents who have remained invested in their communities.
Annual notices of proposed property assessment changes for 2025 will begin arriving in mailboxes this week. These notices are not tax bills, but they reflect the impact of rising home values. Despite the increase, Detroit homeowners are protected under Michigan’s constitution, which caps property tax increases at 3.1% for homes purchased before 2024. This protection helps ensure that longtime residents can benefit from rising values without facing significant financial burdens.
Mayor Mike Duggan acknowledged the perseverance of Detroiters, stating, “This is a day for the Detroiters who stayed when values were dropping. Because they held on to their homes and helped strengthen their neighborhoods, they are now building significant generational wealth for their families.” That generational wealth is growing at a historic rate. Since 2017, the total value of Detroit’s residential properties has more than tripled, climbing from $2.8 billion to $10.1 billion in 2024.
The property value growth has been substantial across various neighborhoods. Buffalo/Charles recorded the highest appreciation at 61.26%, followed by Pingree Park with 51.28%, and Gratiot/Mack at 29.32%. Brightmoor saw a 26.43% increase, continuing a trend of rising property values across the city. The upward trajectory highlights the importance of strategic investment in Detroit’s neighborhoods.
Detroiters have shown resilience in the face of economic challenges, and these rising values signal a shift toward greater financial empowerment. Many families who weathered tough times can now consider refinancing, investing in renovations, or leveraging their property equity for future financial goals. These gains provide a path to long-term stability, but it is essential that homeowners understand their rights and responsibilities in this evolving landscape.
Neighborhoods once considered undervalued are now experiencing revitalization, bringing new opportunities and challenges. Residents must remain proactive in understanding how rising property values impact their long-term plans. Access to information and resources will be crucial in ensuring that wealth-building opportunities remain available to those who have held their ground through difficult economic times.
To determine property values, the city analyzed more than 16,100 market sales over the past two years, from April 2022 to March 2024. These sales, coupled with aerial and street-level property reviews, provided a comprehensive picture of Detroit’s housing market. The data shows that five neighborhoods experienced value increases over 50%, while the majority—164 neighborhoods—saw increases between 15% and 29%.
Jay Rising, Detroit’s Chief Financial Officer, emphasized the significance of these increases, saying, “Another year of increased home value in nearly every neighborhood is significant as it continues to provide greater stability not only for neighborhoods but also for the city’s financial outlook.”
More than 308,000 property owners across Detroit will receive revamped assessment notices, which have been redesigned to provide clearer and more detailed information in line with the Property Tax Reform ordinance passed by City Council. These changes make it easier for residents to understand their property values and the appeals process.
Detroiters have the right to appeal their proposed assessments until February 22, 2025. Residents can appeal online, by mail, or in person at the Coleman A. Young Municipal Center. Appeals provide an opportunity for homeowners to challenge their valuations if they believe discrepancies exist. The City has extended the appeal window to ensure accessibility and transparency in the process.
Some tenants may also be eligible to appeal. Under a city ordinance, individuals with a documented financial interest—such as lease agreements assigning tax responsibility—can file complaints regarding their assessments. Documentation proving financial interest will be required to complete the appeal process.
Homeowners are encouraged to review their assessment notices carefully. Anyone with questions can contact the Office of the Assessor via email at AsktheAssessor@detroitmi.gov. Appeals can be submitted online at www.detroitmi.gov/PropertyTaxAppeal, by mail, or in person. The deadline to file is February 22, 2025.
Following the appeal period, property owners can take their cases to the March Board of Review, which meets from March 5 to March 29. Homeowners wishing to present their appeals to the board must file a petition by March 11, 2025, at 4:30 p.m. The board offers both in-person and virtual options for residents.
Commercial, industrial, and personal property owners have the option to take their appeals directly to the Michigan Tax Tribunal by May 31, 2025. This provides an additional avenue for those seeking to contest their assessments.
For homeowners facing financial challenges, the Homeowners Property Tax Exemption (HOPE) program offers relief. Through HOPE, eligible homeowners can qualify for property tax reductions of up to 100%, depending on household income. The deadline to apply for the program is November 1, 2025.
The rise in home values is more than just an economic figure; it represents tangible proof of Detroit’s comeback story. For residents who stayed through difficult times, these increasing values mean opportunities to build equity, access financing for home improvements, and pass down generational wealth to their families. The growth in property values signals a stronger, more resilient Detroit that continues to rise from years of economic hardship.
Homeownership has long been a key factor in stabilizing communities, and Detroit’s steady increase in property values brings renewed confidence in the city’s future. This progress, however, comes with a responsibility to ensure long-time residents are not displaced and have access to resources that support sustainable homeownership. Programs like HOPE and the extended appeals process play a crucial role in keeping homeownership attainable and equitable for all Detroiters.
Detroit’s future depends on empowering residents with knowledge and resources to sustain homeownership. As property values rise, community members must stay engaged, ask questions, and take advantage of programs designed to protect their investments. The momentum is here, and it belongs to those who have worked tirelessly to build a stronger, more vibrant Detroit.
Residents who have contributed to the city’s growth deserve to see the benefits of their efforts. With rising values and increasing interest in Detroit’s real estate market, the potential for growth is vast. Ensuring that all Detroiters, especially those in historically marginalized communities, have access to the resources they need is key to maintaining a balanced and thriving city. Whether through assessment reviews, tax exemption programs, or neighborhood investment initiatives, Detroiters must take an active role in shaping their city’s future.
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