Michigan has one of the strongest economies in the United States and the housing market is booming. If you are planning to buy a house, you should put your plan in motion now because you may not be the only one bidding on a property.
Detroit is progressively moving upwards when it comes to both population growth and development. Though home values in Detroit are increasing, its real estate market is still considered to be one of the more affordable housing markets across the nation. With a median listing price of $69,900, real estate in Detroit is relatively cheap, even in the face of today’s inventory shortage. Perhaps even more importantly, however, is the Motor City’s attraction to new buyers. According to Business Insider, Detroit ranks in the top 20 best places for first-time homebuyers.
The median selling price in Macomb County is $182,000, compared to $169,900 last year. That’s a 7% increase. The average days on market in Macomb is 27…three days faster than just a year ago. Median home prices jumped 10% percent in Oakland County from a year ago, to $279,900. Median prices in Wayne County increased 9.8% and 6.5% in Livingston County. According to the Realtor.com Market Hotness Index, almost all Oakland County communities are experiencing a hot housing market.
Currently, sellers in Grand Rapids are receiving 98% of their listing price. August property sales reached a total of 1136, which is 3% lower than the 1170 last month. The average price of homes for sale in Grand Rapids for August was $330,000, down 3.2% from $341,000 last month. The median sold price in August was $202,000, up 2% from $198,000 last month. The numbers are forecasted to continue to cool off slightly…just like the Michigan weather. The months of inventory based on closed sales is 1.8 months, up 19.8% compared to last month. That is a lot considering most of the summer months the inventory was under 1 month.
It’s predicted that Michigan’s housing market will continue to favor sellers into the foreseeable future. The reasoning for this is based on the fact that there is still a lack of inventory, which will continue to push house prices higher. It’s important to remember that even in this hot and crazy real estate market you should consider these top three things to get your home sold; price, location, and condition.
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Supply & Demand
Inventory by Price Range