The covid pandemic has disrupted several industries, including real estate. Here’s why investors are stuck about buying a house in Michigan? Of course, the pandemic severely affected the entire US real estate sector.
But wait. Here’s the good news. The Covid effect has been slowly vanishing off, and the more bright markets are yet to come in 2023. The markets are healing from tremendous pandemic strokes and gradually increasing. So, if you’re eagerly waiting for the Michigan real estate deals, blindly go ahead and invest.
Let’s look into a few numbers to understand the current status of Michigan’s properties.
Michigan’s housing market properties have experienced an appreciation of 7.8% compared to last year. Meanwhile, the properties have experienced an appreciation of about 37% over the previous five years.
And what about the 2023 real estate market trends in Michigan? That’s exactly what you’ll learn as you read the article. Let’s dive in.
Latest Housing Market Trends In Michigan
Michigan is one of the most beautiful and worth visiting states in the United States of America. The 3,288 miles of pristine water coastline, exclusive nature, a cool breeze in hot summers, a heap of snow in winters, pop culture, and refreshing music are a few reasons why most travelers love visiting this state.
The pandemic has hit hard on various industries, from retail businesses to manufacturing units. Yet, this state has been recovering incredibly despite facing a severe Covid crisis. Michigan is one of the favorite investment places for most investors. Surprisingly, the scenario is the same even after the Covid pandemic.
Did you know the homes in this state are sold 2 days quicker than the annual average? The best part is they’re being sold for $1,324 less than the annual average. Meanwhile, the average buyer’s and listing commissions are 3.00%.
According to the data from the Michigan Association of Realtors, it’s known that the selling process of Michigan’s properties will spike by 13.71% when compared to 2023. On the other hand, the median property value increased from $222,875 to $257,986.
Another important trend is the decreased percentage of property sales. Although there is a decrease in house sales, the lower interest rates are attracting many investors.
The Best And Worst Places To Buy A House In Michigan
Detroit, Lansing, Jackson County, Genesee Country, Macomb County, Grand Rapids, and Ann Arbor are the best places to buy a house.
For instance, the investors can buy 1,840 sq ft, 2,679 sq ft, 1,648 sq ft, and 1,277 sq ft houses in Detroit, Lancing, Grand Rapids, and Ann Arbor with merely $300K. So, if you are wondering whether buying a house in Michigan is ideal or not, just go for it to garner huge opportunities in the future.
However, make sure you don’t invest in particular locations due to poor real estate markets. According to the listwithclever.com, the worst places to buy a house in Michigan are Traverse City, Holland, Ann Arbor, Kentwood, and Detroit-Warren-Dearborn.
Note: The property pricing differs based on various factors. So, the pricing mentioned above and forecasting can vary depending on the regional and national influences.
Michigan Housing Markets In 2023
Now, let’s look into the top housing markets in 2023 that you shouldn’t miss out on.
The foremost and highly valued housing market is Wayne County in Detroit. It has about 390 for-sale and 1918 traditional listings. Meanwhile, the overall property price and average price per square foot are $378,956 and $249.51, respectively. This region has 133 market days with a rental income of about $1,578.08.
Here comes the second most popular housing market– Jackson County in Jackson. It has about 137 for-sale and 9 traditional listings. And the median property price is a bit lesser than Detroit, i.e.$205,353. The average price per square foot in this county is $116.2. Like Wayne county, Jackson county has around 78 market days with an average rental income of $978.31. If you’re looking for a few affordable real estate opportunities, look no further than Jackson county.
Genesee County in Flint is another highly valued housing market most real estate investors are interested in. It has about 111 for-sale and 63 traditional listings. This county’s median property price and average price per square foot are around $107,299 and $84.67, respectively. This region has 72 market days with an average rental income of $632.24. If you’re looking for a few cheaper investment opportunities, Genesee county is an ideal choice.
Macomb county in Clinton Township has about 121 for-sale and 54 traditional listings. The median property price and average price per square foot are around $252,293 and $139.8. It has only 55 market days, and the investors can garner a rental income of about $1,509.76.
The #5 housing market in Kent County in Grand Rapids. It has about 209 for-sale listings and 268 traditional listings like the above housing markets. At the same time, the median property price and average price per square foot are a bit expensive, i.e., $362,100 and $206.71, respectively. Kent county has minimal market days of around 18 and an average rental income of $1,147.53.
Real estate investments are significant decisions in an investor’s life. Hence, one should take utmost care before investing in any property. However, if you’ve entered into investing in Michigan’s properties, go for it as it provides you with tons of opportunities in the future.
Whether you’re a budding investor or a seasoned vet, Michigan has everything you need. The best part of it is it’s been growing incredibly despite the effect of the pandemic. The housing property value is expected to increase vastly in the next few years due to the state’s development and tourism activities.
Also, a few best places to invest in Michigan are Detroit, Jackson county, Genesee county, Macomb County, and Kent County. Make sure you lookout for the best deals in these locations to enjoy the utmost benefits.