Real Estate Update | January 2020

The 2020 housing market looks to remain positive as strong economic growth and low mortgage rates contribute to upward movement, while rising demand and short supply will increase competition. Let’s take a closer look at the local real estate market here in the great state of Michigan.

The average sales price of homes in mid-Michigan’s Greater Lansing area has risen 7.4% from $168,053 to $180,537 in December 2019. As of last month, the number of available homes for sale is in the Greater Lansing market continues to be low at only 1,547 units, which means buyer demand is expected to remain high. The number of days to contract has not experienced much of a slow down and right now the average is at 45 days. The city with the highest median sold price in this area is Bellevue at $315,000. Although Bellevue may be leading in median price, it’s the City of Lansing that has the highest number of units sold. Lansing alone accounts for 150 of the 410 units. The price range with the highest number of days to contract is the $500k + range, which averages 99 days. The price range at $200k – $300k has the lowest average at 37 days to contract. Of the local area, Potterville has the highest average at 190 days and Dimondale has the lowest average at only 3 days to contract.

In southeastern Michigan, metro Detroit (Wayne, Oakland, Macomb and Livingston) saw home sale prices rise 5.6% in 2019 from a year earlier and finally surpassed the region’s pre-recession peak, according to the latest real estate data. The City of Detroit also experienced some of the biggest increases. The median sales price jumped 23% year-over-year to $43,063, according to Realcomp. Overall, the total number of sales in metro Detroit was down 1% from last year. The inventory of homes for sale was also down slightly and the average number of days on market for a listing was 35 days.

Looking at southwestern Michigan, sales were up 4% with 277 homes sold last month. The year-to-date average sales price also increased by 3% to a record high of $239,617 and the median price so far for the year jumped 9% to $179,210.Neighborhood Reports 

 Allen Park Charlotte Ferndale Holly Macomb Plymouth Twp
 Alma Clarkston Grand Ledge Holt Mason Plymouth
 Ann Arbor Commerce Grand Rapids Huntington Woods Milford Rochester
 Belding Dearborn Greenville Independence Twp Northville Twp Rochester Hills
 Berkley Detroit Grosse Ile Ionia Northville Royal Oak
 Birmingham DeWitt Grosse Pointe Lake Odessa Novi Saranac
 Bloomfield Hills Dimondale Grosse Pointe Fm Lake Orion Oakland Twp Troy
 Bloomfield Twp East Lansing Grosse Pointe Pk Lansing Okemos Waterford
 Brownstown Eaton Rapids Grosse Pointe Sh Livonia Orion Twp West Bloomfield
 Canton Farmington Hills Grosse Pointe Wd Lowell Pleasant Ridge White Lake

Home Values

Supply & Demand

Inventory by Price Range

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