page has officially turned on the summer real estate market, as
September 23rd marked the start of the notorious fall market. Now,
bidding-wars are coming to an end and those who didn’t buy during the
spring/summer months are now ready to swoop in and hopefully score on
those end-of-the-year deals! With that said, you should not
underestimate for what is typically a slower period for the housing
market and be prepared for what is likely to be an active season.
According to Realtor.com’s annual hottest zip codes report, the hottest real estate market in Southeastern Michigan is Livonia. Not only that, but Livonia’s 48154 zip code is the 6th hottest in the country! Livonia’s median listing price is $254,950, which is an increase of 6.2% year-to-year. Homes here are staying on market for an average of 17 days.
While home prices and market activity are still subject to ups-and-downs throughout Michigan, the Birmingham/Bloomfield area typically doesn’t fall as far and recovers sooner as a micro-market within the region. This area contains mostly well-established neighborhoods that leave little available space for new construction, thus driving up the price of available lots to a premium. When you combine this with the highly coveted location of downtown Birmingham, access to high-quality schools, proximity to the Woodward Corridor and downtown Detroit, it results in a highly desirable real estate market for families and seniors alike.
Although the housing market across Michigan still favors the seller as home prices continue to climb and inventory being so low, there are now more buyers beginning to find wiggle room at better price points and geographies. With our booming economy coupled with decreasing mortgage rates we can expect to see autumn leaves fall, but the real estate market will not!
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