Michigan’s
cold weather is in full effect, which officially signifies that our
housing market will be entering its slower season — though many remain
optimistic as sales volume has remained up since September.
Looking
at Mid-Michigan’s Capitol region, the median sold price has decreased
7% compared to September 2019 when it was $169,950, while last month’s
was $157,750. In comparison to October 2018, this year’s median sold
price is up 5%. The city with the highest median sold price in October
2019 is Williamston at $300,000. Lansing is leading all of the local
cities by a long shot with 183 units sold. Following Lansing is East
Lansing and Charlotte with 28 units sold in October 2019. New listings
in October 2019 have decreased slightly compared to September 2019 when
there were 694 new listings, while October saw 626 new listings. The
city with the highest number of new listings is Lansing, with 247 in
October 2019. According to a report from Attom Data Solutions,
Lansing additionally saw a 25.1% increase in median home prices, which
is ranked #1 out of 155 metro areas for the largest percentage increase.
The
red-hot housing market in Southwest Michigan is showing signs of
cooling down. Sales of existing homes in September were down by 12%.
Inventory has dropped 4% to 1,820, which is a 7.3-month supply of homes
on the market. The average selling price in September fell 2% from last
year to $241,620, but the year-to-date average selling price through the
first three quarters of the year is up 3% from 2018. While the average
sale price for the area is in the $240,000 to $250,000 range,
millennials are looking for slightly cheaper homes. And they’re finding
them in starter neighborhoods like Alger Heights, where $175,000 –
$200,000 gets you a single-family home with a yard and garage in a
convenient area; or Cedar Springs, in the north suburbs, where a newly
built three-bedroom home with 1,500 square feet can be had for $200,000 –
$250,000.
Here’s
the scoop on Southeast Michigan. Sales prices are up 3.2% over last
year. The number of homes currently on the market is up by 8%. And the
average number of days on the market has increased slightly from 34 days
to 36 days, with high-end homes lingering on the market the longest.
Metro Detroit’s home prices are still rising as inventory falls — a
familiar pattern across the country. The region’s median sale price for
homes rose 12.9% to $177,000 in September, compared with the same month
last year, according to Realcomp data. Inventory fell 12.5% in the same
period, and the number of sales rose 2.8%. The region’s September
increase in number of home sales comes after an 11.2% year-over-year
drop. Most Southeast Michigan counties saw their inventory drop, but
Washtenaw County’s increased 8.1%. In the month of October, 110 Ann
Arbor homes were listed for sale, which is a 15.8% increase compared to
the 95 homes sold last year.Neighborhood Reports
Home Values
Supply & Demand
Inventory by Price Range
