Report ranks Ann Arbor among top 10 metros with rising home values
The Ann Arbor area is one of the only metros in the country that saw rising home values from February 2011 to February 2012, according to a recent report by Zillow.
Of the markets that posted the highest year-over-year gains, Ann Arbor ranked No. 7 on the list. Among the top three metros: Morristown, Tenn., Oklahoma City, Okla. and Tulsa, Okla.
The report cites a flood of foreclosures sales in February 2012 that contributed to a 4.5 percent decline in overall U.S. home values since February 2011.
In Ann Arbor, homes gained 3.57 percent in value last year based on sales prices per square foot.
At the same time, some areas — such as the Willow Run district — saw prices drop 7.66 percent in a single year, and 65.45 percent since 2005.
To read more about the Zillow report, click here.