Looking at the prices of inner city homes reveals that the median price per square foot of homes sold in the inner cities of 31 major metro areas increased by 52% over the last six years. Redfin staffer Nela Richardson reports on the state of the inner city real estate market.
She comments on the growth the of the inner city in recent years and how these places have changed since the 1970s when they were synonymous with crime and poverty:
In recent years, cities have undergone an economic and cultural renaissance, making the urban core a popular and highly demanded place to live and to work. New light-rail infrastructure has been built in many inner-city areas, and nowadays the high-paying jobs are showing up downtown instead of in suburban office parks.