Homeowners in Detroit continue to see significant increases in their property values, according to data released Friday by the city. 

The report, by the University of Michigan’s Poverty Solutions, shows Detroiters who own their homes gained about $700 million in value from 2022 to 2023, and brings the total wealth gains stemming from rising home prices over the past decade to $4.6 billion. The report serves as an update to a study released last year showing an increase of 80% between 2014 and 2022.

In 2014, the estimated net value of owner-occupied homes in the city was just over $4 billion, and rose to more than $8.8 billion by 2023, according to the UM report.

Much of the increases have been to the benefit of the city’s majority Black population and counters a narrative Mayor Mike Duggan has long pushed back on: that much of Detroit’s rebound has only been felt in the city’s central business district and immediate surrounding neighborhoods. 

“This is $4.6 billion in wealth in the neighborhoods,” Duggan said Friday during a news conference in northwest Detroit. “So the next time somebody tells you nothing has happened in the neighborhoods, you can tell them there are 4.6 billion reasons that that is not true.” 

The UM report shows that neighborhoods seeing the largest increases in Black wealth gain, above 250%, were areas such as the Jeffries and Condon neighborhoods on the city’s west side, and Jefferson/Mack and the East Riverside neighborhoods on the east side. 

Overall, the report finds that home sale prices increased the most in neighborhoods that were “most disadvantaged” in 2014 when Duggan first became mayor. Median home values in those areas of the city increased 276% while tier 2 and tier 3 parts of the city — those that already had higher home values — have gained about 100% in value. 

Over that 10-year period, tax foreclosures have also greatly declined, per the UM report. 

Tax foreclosures peaked in 2015 at more than 5,700, and by 2023 had fallen to 192 foreclosures, according to data in the report. 

Data from the report only goes to 2023 and at that time, the median home sale price in the city was $69,000. Figures from real estate data organization Realcomp show that as of February 2025, that figure rose to $88,000. 

While Detroit home values continue to increase, and some worry about displacement or other adverse effects, the city and region remain among the cheapest major metro areas in the country.

The updated data on Black wealth gains during Duggan’s tenure as mayor comes as he begins taking his message of Detroit’s turnaround statewide, ramping up an independent bid to be Michigan’s governor, which he announced late last year. 

Last month, as part of his final budget proposal as the city’s mayor, Duggan pitched a 3-mill property tax cut for Detroit homeowners, which he says could save residents hundreds of dollars annually.

The report released on Friday was led by Jeffrey Morenoff, professor and associate dean at UM’s Gerald R. Ford School of Public Policy. Speaking at the news conference, he echoed much of what Duggan stated, and particularly noted the homeowner gains were equitable. 

“This is not a story that is only about white homeowners,” Morenoff said. “This is a story about people of color who … accrued value from the homes that they probably own and stuck out during the Great Recession, and continued to stay here and accumulate that wealth.”