Michigan becoming a seller's market as prices rise
Homes sales in Michigan is becoming a seller’s market.
After languishing for years, Michigan’s real estate market is apparently turning in favor of home sellers.
Darin Blomquist is with Attom Data Solutions, which tracks the real estate market. Blomquist says home sale prices are improving in Michigan, including in parts of the state you wouldn’t expect.
“Places like Detroit and Flint have seen some of the biggest changes year-over-year in medium sale price. We’re showing an 18% increase,” says Blomquist.
Blomquist says many of those selling for profit now were speculators when the housing market crashed during the Great Recession.
Blomquist says prices are rising in part because home foreclosures are falling.
Michigan now ranks 40th in home foreclosures nationally. During the Great Recession, Michigan consistently ranked in the top five. Fewer foreclosed homes on the market means less drag on home sale prices.
However, Blomquist says there is a side effect to an improving market for home sellers.
“We are seeing home affordability become a problem in some parts of Michigan,” says Blomquist.