Real Estate Update | March 2021

    Real Estate Update | March 2021

    Mar 22, 2021

    To begin this real estate update, we will focus on Southeast Michigan, specifically the counties of Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. In this region, home prices continue to rise as the year-over-year median sales price increased the most for the second consecutive month in Wayne County by 34.3% reaching $145,000. The county that saw the least significant raise in year-over-year median sales price was Macomb, which only saw a 1.7% increase reaching $351,000. Year-over-year sold listings have increased in just two out of the six counties, which include St. Clair (19.6%) and Washtenaw (2.3%). Macomb was the only county to see an increase to its year-over-year new listings, which rose by 8.2% reaching a total of 53 new listings. Not only is the Southeast Michigan housing market heating up as we enter spring, but it’s also very competitive among buyers. With that said, it’s indeed a great time to sell a house and it’s also a great time to buy a house.

    Shifting gears to the west side of our state, we will now look at the counties of Ionia, Kent, and Montcalm. Year-over-year closed sales have increased in just one out of the three counties with Montcalm claiming the top spot raising by 9.4% and totaling 105. For the third consecutive month, Kent County saw the least significant loss in year-over-year new listings, dropping -16.9% totaling 965. Something interesting to note in this region is that sellers in Kent County are receiving offers over asking price—an impressive 102.1%. The year-over-year median sold price in all three counties have increase across the board with Ionia seeing the most significant increase of 26.2% ($169,975), followed by an increase of 14.1% ($235,000) in Kent, then followed by Montcalm, which saw the least significant increase of 13.8% ($151,000).

    Finally, to conclude this month's real estate update, we will look at Greater Lansing’s tri-county region, which is composed of Clinton, Eaton, Ingham. Experiencing similar trends seen across East and West Michigan, year-over-year new listings in the tri-county region have decreased across the board with Eaton County experiencing the least significant loss of -9.4% totaling 164. On the other hand, Ingham County saw the most significant loss in year-over-year new listings, down -23.9% totaling 467. Only one out of the three counties saw a decrease in year-over-year sold listings, which was Ingham County dropping -0.5% (446). The other two counties, Eaton and Clinton, saw an increase to their year-over-year sold listings, increasing 19.9% (175) and 64.4% (143) respectively.