Real Estate Update | May 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 fourth consecutive month in Wayne County by 24.9% reaching $149,900. The county that saw the least significant raise in year-over-year median sales price, though still significant, was Livingston, which saw a 11.0% increase reaching $319,900. Year-over-year sold listings have increased in five out of the six counties, which include Macomb (12.5%), Oakland (8.7%), St. Clair (20.3%), Washtenaw (13.4%), and Wayne (6.3%). The only county that did not see an increase in year-over-year sold listings was Livingston, which saw a decrease of -2.9%. Year-over-year new listings have increased across the board with St. Clair County experiencing the most significant increase of 14.6%, which totaled 735. The county that saw the least significant increase in year-over-year new listings was Wayne County, which increased by 4.9% reaching 7,619. Additionally, seller’s in Wayne County are still in the driver's seat as they are receiving offers over asking price—an impressive 101.5%.
Keep in mind that these year-over-year housing market numbers reflect the situation we faced in 2020. However, the combination of low inventory and interest rates will help keep momentum in the market as we head into the summer months.
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 for the third consecutive month, which saw an increase of 14.3% totaling 231. Kent and Montcalm County both saw an increase to their year-over-year new listings, rising 6.1% and 13.0% respectively. Ionia County was the only one to see a decrease to its year-over-year new listings, falling -5.5% reaching 188. Year-over-year median sales prices have increased across the board with Montcalm County experiencing the largest increase of 17.8% reaching $164,900. Something interesting to note in this region is that sellers in all three counties are receiving offers over asking price—an impressive 100.8% in Ionia, 104.2% in Kent, and 103.4% in Montcalm.
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, and Ingham. Experiencing similar trends seen across Southeast and West Michigan, year-over-year new listings have increased across the board with Eaton County experiencing the most significant increase of 16.2% totaling 422. On the other hand, Clinton County saw the least significant increase in year-over-year new listings, which rose by 3.9% totaling 292. Additionally, year-over-year sold listings have also increased across the board with Clinton County leading the way, growing by 29.1% followed by Ingham County, growing by 5.6% and Eaton County not far behind, growing by 5.5%. Homes in Lansing’s tri-county region are moving fast as the year-over-year median days on market continue to inch lower with Eaton County seeing the most significant drop of -58.9% totaling 16 days on market.