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Michigan Real Estate is Undefeated.

How did Michigan Real Estate do in 2023, well about as well the Wolverines, basically undefeated.


In the three markets I zoomed in on, Kent County (Grand Rapids), Oakland County (NW of Metro Detroit) and Muskegon (along Lake Michigan) prices were solidly higher in 2023.

 



Units were down, as they were everywhere, but prices strong.


Kent County:

No secret Grand Rapids has some of my favorite people and is one of my favorite towns. Great suburban areas (yes it is possible) great neighborhoods and DTGR is clean and safe.

Average sales prices up 5.2% to $364,021.00.

The number of sales was down 15% to 7,285


Muskegon County:

This town hit my real estate radar this year. I spent time showing homes on the Lake Michigan Shoreline and White Lake area. This is one of many counties along Lake Michigan that is seeing growth due to location, WFH (still a thing?), great prices and young feeling retirees. But beware that Lake Michigan Breeze may have you in a sweatshirt on July 4th.

Average sales prices up 7.2% to $244,075.00

The number of sales was down 9% to 2189


Oakland County:

Home of the "B's+" Birmingham, Bloomfield, Bingham Farms...just a really solid area with some great architecture, lakes, proximity to DT Detroit and many great walkable downtown areas.

Average sales prices up 3.4% to $403,703.00

The number of sales was down 19% to 14,843


Then I took a step back and did an "all area" MLS search. The MLS does not cover the entire state but does cover a large percentage of the mitten. Searched December YoY sales:

Average price MLS wide up 6% to $272,293.00

Unit sales down 12 percent.

This was for December only! Usually prices seasonally adjust downward.


So what? Demand is driving prices higher. At $272,293.00 with a lot of land, a lot of water and not much construction Michigan is pretty affordable, just not as affordable as 2022.


This will be a trend to watch. This is certainly not scientific, but a 6% YoY rise in this economic environment is great; for perspective my "MLS wide" search in North Carolina shows a 2.35% increase for December YoY.

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