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
Home Values
Supply & Demand
Inventory by Price Range
