Detroit home values climb for 11th straight year, mayor says
The value of homes in Detroit rose for the 11th year in a row, Mayor Mary Sheffield said on Friday.
Homes in the Motor City climbed by an average of 10% over the past year, according to officials, "Adding $500 million in wealth for Detroit homeowners."
City officials said the home value gains have brought the total value of Detroit's residential property to $10.5 billion.
"As my administration places an increased focus on the revitalization of all neighborhoods, we expect even more generational wealth will be created," Sheffield said.
Notices have been mailed to over 308,000 Detroit property owners, advising them of their proposed assessments for 2026, according to city officials. They have the right to appeal the new figures.
At a news conference on Friday, Sheffield signed an executive order asking the Office of the Assessor to align the assessment process with International Association of Assessing Officers standards and allow for greater public oversight.