To begin this real estate update, we will focus on Michigan’s southeastern region, specifically the counties of Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. In this area, home prices continue to rise as the year-to-date median sales price increased the most in Wayne County for the second month in a row, by 10.2% to $145,500. The next highest year-to-date median sales price increase was followed by St. Clair County, which saw prices up by 7.7% to $194,000. Year-to-date new listings across the board have decreased with Wayne County experiencing the most significant loss of -22.2%. As noted above, this lack of new listings could be the biggest contributing factor to why homes on the market in Wayne County are also experiencing the most significant increase in median sales price. For the second month in a row, the county that was impacted the least in year-to-date new listings was St. Clair County, which saw new listings fall -14.1%. St. Clair was also the only county to see year-to-date pending sales go up, which increased by 2.0%. Though sales in southeastern Michigan were fewer than last year, the month of August saw robust activity fueled by strong buyer demand.
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Shifting gears to the west side of our state, we will now look at the counties of Ionia, Kent, and Montcalm. Following the same trend as in southeastern Michigan, year-to-date new listings have decreased across the board with Montcalm County for the second month in a row experiencing the most significant decrease in year-to-date new listings, falling -22.5%. Also for the second month in a row, Kent County again saw the least significant loss in year-to-date new listings, which dropped -11.2%. Of these three counties, it was only Ionia that saw an increase in pending sales—up 5.6%. Something interesting to note in this region is that if you look at Kent and Montcalm County, sellers here are receiving offers over asking price—an impressive 101% of list price received in Kent County and a rock solid 100% of list price received in Montcalm County!
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To conclude this month’s real estate update we will look to Lansing’s tri-county region, which is composed of Clinton, Eaton, Ingham. As expected, the housing market here still follows the same trends as in west and southeastern Michigan. Homes here have seen year-to-date new listings fall across the board with Clinton County for the second month in a row experiencing the most significant loss, dropping -24.1%.. On the other hand, Ingham County again saw the least significant loss, down -17.5%. All three counties saw an increase to its year-to-date percentage of list price received with sellers in Eaton County receiving 100.1%, which is the largest increase of 2.4%. Not only is the market continuing to heat up again, but it’s also still very competitive among buyers.
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