As
the school year gets underway, Michigan’s housing market is expected to
continue along the same trends that its been experiencing — more money
coming in over listing prices and plenty of people buying.
Part
of Michigan’s dormant housing market can be attributed to the lack of
new construction permits, which is continuing a slowdown that started
back in January 2019. This past June, a total of only 330 single-family
home permits were issued in the areas of Macomb, Oakland, St. Clair, and
Wayne counties, according to the Home Builders Association of
Southeastern Michigan (HBA). Additionally, sellers in metro Detroit
listed 13,895 homes last month, which is down 7.4% from June 2018.
Home
sales in metro Detroit also took an unusual dip in June for what is
historically one of the busier months of the year. Sales of
single-family homes in Wayne, Oakland, Macomb and Livingston counties
all collectively decreased in June by 4.4% to 5,441 from the same period
last year, according to Farmington
Hills-based Realcomp Ltd. II. Median sale prices in the city of Detroit
surged 26% ($10,250) to $48,750 in June, while the number of homes sold
dropped 6% to 377. Median sale prices in Wayne County increased 5.3%
from $139,900 (June 2018) to $147,250 (June 2019) as well as Oakland
County, which increased 2.2% from $258,000 (June 2018) to $263,750 (June
2019). However, the median sales prices in Livingston County decreased
2% from $270,000 (June 2018) to $265,000 (June 2019).
For homes
located in Ann Arbor, there has been an increase in the amount of new
inventory, while the average days on the market still hovers at 21 days.
A total of 163 homes were entered into the MLS this past month, a
slight increase when compared to the total of 146 homes last July.
Listing prices have risen as well, which are currently averaged at
$507,407, which results in a 3.5% increase. There was only a minimal
difference in the amount of sales this July compared to the previous,
127 homes in 2019 versus 131 in 2018.
Two Michigan cities are among some of the hottest neighborhoods in the country, according to Realtor.com’s 2019 edition of America’s 10 Hottest Neighborhoods. Grand Rapids topped the list as the No. 1 hottest neighborhood, while Livonia was named the No. 6 hottest neighborhood.
Here’s what Realtor.com had to say about the Michigan cities:
Grand Rapids
ZIP code: 49505 (Creston Neighborhood)
Median price: $178,050
Median days on market: 10
Grand
Rapids is reigning supreme for the second year in a row thanks to an
influx of new residents, particularly younger ones. The Creston area is
in high demand due to its location just above downtown, plethora of
parks, Kent Country Club, and good public schools. Inexpensive real
estate is also a big draw for cost-conscious, first-time home buyers.
Livonia
ZIP code: 48154
Median price: $254,950
Median days on market: 17
Those
who enjoy the cultural amenities of Detroit, but don’t want to live in
the city as it continues to undergo a resurgence, are opting for suburbs
like Livonia. The oasis of single-family homes with green lawns is just
20 minutes from the Detroit Institute of Art and the historic Eastern
Market. It’s also near many of the area’s employment hubs such as the
Ford Motor Co. headquarters in Dearborn.
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