Photo: Charles Krupa ~ AP
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October 8, 2026 ~ Newly built homes are generally cheaper than older homes…but not in Metro Detroit. Jamie Edmonds and Lloyd Jackson ask Crain’s Detroit Business’s Finance and Technology Reporter, Nick Manes, why?
DETROIT ~ While newly built homes are becoming cheaper than existing homes in many parts of the country, Metro Detroit continues to buck the trend as limited housing construction keeps prices for new homes elevated. Industry experts say the region never fully recovered its pace of homebuilding following the Great Recession, leaving buyers with fewer new construction options.
For many homebuyers, the decision comes down to paying more upfront for a newly built home or purchasing an older property that may require costly repairs down the road. At the same time, many homeowners remain reluctant to move because they are locked into low mortgage rates secured during the pandemic, further tightening an already constrained housing market.
