Real Estate Update | August 2019

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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