More bad news for the city of Ferguson, Missouri. While the city remains reeling from the turmoil surrounding the death of Michael Brown, the city is now experiencing a decline in home values.
Since the shooting death of Brown last August, the average selling price of a home in Ferguson has been on a steady decline. Prior to Brown’s death, the average home sold in 2014 was selling for $66,764, however for the last three and a half months of the year, the average house sold for $36,168. This demonstrates a 46 percent decrease.
Unfortunately the trend has continued in 2015 with the average home selling for only $22,951. According to MARIS home sale data, since the death of Michael Brown the cost per square foot of a home in Ferguson has dropped 47 percent. During the eight and a half months leading up to Brown’s death, the price per square foot average residential square foot $45.82. In the eight and a half months since Brown’s passing, the average price per square foot in the city has dropped to $24.11.
Realtors in Ferguson fear an uptick in foreclosures and short sales. Ferguson native David H. Pope, who has worked as a realtor in Ferguson for 48 years, says the current situation has made it incredibly difficult to attract new families to the area. The city admits that its finances are taking a hit, with no end in sight, due to the events since Brown’s death.
Read more on Fusion.