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Real Estate Update - August 2020 Main Photo

Real Estate Update - August 2020


Posted: August 18, 2020 by Matthew Hillier

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. There, home prices continue to rise as the year-to-date median sales price increased the most in Wayne County (up 10.2% to $145,500), followed by Macomb County (up 7.7% to $194,000). One reason for rising home prices is a lack of inventory, especially among starter homes that range between $150,000 - $200,000. Year-to-date new listings across the board have decreased with Macomb County experiencing the most significant loss of -23.1%. The county that was impacted the least was St. Clair County, which saw year-to-date new listings fall -13.4%. St. Clair is also the only county in southeastern Michigan to see an increase in year-to-date pending sales, which increased 1.3%. Though there were fewer sales in July than last year, the housing market continues to hold strong even with the unusual circumstances it has been dealt. There are plenty of buyers in the market ready to take action.

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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. Still following the same trends as in southeastern Michigan, year-to-date new listings have decreased with Montcalm County experiencing the most significant decrease, falling -25.6%. On the other hand, Kent County again saw the least significant decrease of -11.8% in year-to-date new listings. Of these three counties, it was only Ionia that saw an increase in pending sales (up 4.4% to 376) as well as closed sales (up 1.8% to 332). This is a positive sign that tells us that the west Michigan housing market is holding strong as well. Another positive sign is that if you look at Kent County, sellers here are receiving offers over asking price—an impressive 100.7%! Not only is the market heating up again, but it’s also still very competitive among buyers.

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We will end this month's real estate update by looking at Lansing’s tri-county region, which is composed of Clinton, Eaton, and Ingham. As expected, the housing market here still follows the same trends as in southeast and west Michigan. Homes here have seen year-to-date new listings fall across the board with Clinton County experiencing the most significant loss (down -26% to 599). On the other hand, Ingham County again saw the least significant drop (down -19.1% to 2,519). All three counties saw an increase to its year-to-date percentage of list price received with Eaton County experiencing the largest increase of 1.3%.

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