Weir Manuel

Real Estate Update | January 2020


Posted: January 16, 2020 by Matthew Hillier

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.

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.

 

Home Values

Supply & Demand

Inventory by Price Range

Loading Comments
Real Estate Links Our Domains