Spring is typically the most active season in real estate, however, other than some “unexpected hot spots” as noted by Realtor Magazine, the housing market here across Michigan has been good but relatively stagnant.
It’s no secret that West Michigan’s housing market is hot. Realtor.com’s housing market forecast for 2019 shows
that out of the 100 largest metro areas in the U.S., the Grand Rapids
metro area is projected to have the biggest percentage increase – 8.2% –
in price growth in 2019. Grand
Rapids is once again listed in the Top Ten hottest housing markets in
the country. In fact, the area’s economic growth, job market, and other
positive indicators have previously made Grand Rapids the 2nd hottest
market in the US. Furthermore, the hottest market in the country
is in West Michigan’s zip code 49508—Kentwood. Half of all homes in
Grand Rapids (49505) sold in under 12 days this quarter, 56 days faster
than its surrounding metro area, and 66 days faster than the rest of the
country. This zip code is also among the most affordable in the Top 20,
with a median list price of $172,000, 40% less than its surrounding metro area and 42% less than the national median price of $300,000.
Additionally, Ann Arbor was ranked No. 17 in Realtor.com’s list of top performing markets.
Citing the fact that these homes are staying on market for an average
of 41 days and have the median list price of $379,900, which is up 10%
year-over-year.
In
April 2018, the number of homes for sale in Rochester totaled 48. In
2019, we saw an 6.5% increase in that number, totaling 51 homes on the
market in Rochester. Looking at year-over-year new listings that came on
the market in April 2018, there were 31. In April of 2019, that number
decreased by 9.7% to 21 new listings on the market! In April 2018, the
months’ supply of homes for sale in Rochester was 4.1 months. In April
2019, the months’ supply of homes for sale increased to 4.8 months,
which accounted for a 17.1% increase.
In
April 2018, homes for sale in Macomb Township totaled 258. In 2019, we
saw that number decrease by 9%, totaling 236 homes for sale on the
market in Macomb Township. There were 161 new listings that hit the
market in April 2018. This year there are 170, which is an increase of
5.6%. In April 2018, the months’ supply of homes for sale in Macomb
Township was 2.9 months. In April 2019, the months’ supply of homes for
sale was 2.7 months, which accounted for a 7% decrease.
As
the real estate market inches forward into the summer months, buyers
should prepare to act quickly, and if sellers price their houses fairly
they can expect to have their homes sold quickly.
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