With the New Year just around the corner, the winter housing market around Michigan is showing signs of slowing, which is providing a much-needed break for potential buyers who have been waiting to jump into the market. Due to a strong economy and low unemployment, the seasonal housing dip is more about a rebalancing act of the market than a sign of a downturn. So, let's take a closer look!
In Greater Lansing, the housing market looks positive as we head into 2020. Strong economic growth and low mortgage rates contribute to this projected upward movement, while the persistent trends of rising demand and short supply increase competition. Smaller cities and townships that border Lansing still lead the area in new single homes. New home construction is up 64% through the third quarter of 2019 compared to the same time in 2009, however, they're down year-over-year by about 18%, according to the HBA's data. Looking at Mid-Michigan’s Capitol region, the median list price is $95,000 and has increased 5.7% from last year. The average days on the market for a home in Lansing is 64 days
In Macomb County prices were up by almost 4% and Oakland County prices were up by almost 9% for the month. Macomb County’s on market inventory was down by approximately 14% and Oakland County’s on market inventory was down by approximately 16%. Macomb County average days on market was 34 days and Oakland County average days on market was 36 days. Closed sales in Macomb County were down by almost 7% and closed sales in Oakland County were up by more than 3%. Low inventory continues to plague the market.
Does this mean that selling in the winter months should be avoided? Absolutely not! It’s just the opposite! Some houses actually show better during the holidays because of the lights, decorations and smells. Furthermore, there will be less competition because there are fewer homes on the market and buyers are going to be more serious.
|Allen Park||Charlotte||Ferndale||Holly||Macomb||Plymouth Twp|
|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|
Supply & Demand
Inventory by Price Range