warm-weather housing market might be coming to a close in just a few
short weeks, but don’t worry — if you’re looking to enter the market
there’s still a good chance to find a buyer/seller before the end of the
year. In fact, you could be coming in at exactly the right time because
Michigan has some interesting new hot spots.
Located in Wayne County is Michigan’s hottest housing market, Livonia! Not only that, but Livonia’s 48154 zip code is the sixth hottest in the country according to Realtor.com’s 2019 hottest zip codes report. Furthermore, according to Realcomp, the number of new listings in Wayne County increased from 19,966 in August 2018 to 20,644 in August 2019, which accounts for a 3.5% increase. Compared to last year, the average sales price jumped 7.4% from $170,045 in August 2018 to $182,666 as of last month. Looking at Macomb County, which is another popular housing market — average sales price here have increased more than 11% since this time last year. On the other hand, the amount of available inventory in Macomb County has dropped significantly from 2,906 in August 2018 to 2,468 as of last month, which is more than a 15% drop.
The Detroit housing market alone indicates an increase of $10,000 in median sales price, which is a significant increase of 30% year-over-year. Next, the average price per square foot in Detroit increased to $45, up from $42, which is up 7% compared to the same period last year. Although Detroit has seen its median home sale prices increase almost every month since the beginning of the year, Redfin.com released a report detailing just how much potential there is in the area. The report outlines how affordable it is to buy homes in major markets across the United States and for middle-class buyers, it found that Detroit is actually the most affordable city in the country.
Now looking at the westside of the state, WalletHub.com recently published its 2019 Best Real Estate Markets report, which ranked Grand Rapids the No. 8 “real estate market” nationally and No. 103 in “affordability and economic environment” nationally. Real estate in Grand Rapids continues to grow and the area has been a central attraction among Millennials who are flooding the housing market.
This tight housing market for buyers may be the “new normal” as we’ve been noticing a consistent lack of inventory. As a result of this, homeowners have been delighted to see an appreciation in home values. As we move into our fall market we expect these trends to continue.
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