There has been plenty of news lately regarding real estate prices across the country. But as we all know, nothing is more local than Real Estate. Prices vary considerably across the metro Detroit area and it’s only when you examine local data closely, can you get an accurate picture of what’s really happening in your market. In Northville Township, an affluent western suburb of Detroit, prices have remained strong having shown a slight increase year to date vs. the same period last year. At the same time, the number of homes available for sale has decreased approx 15% and this lack of inventory has driven up pricing and reduced the number of days on market. Homes that offer great location, updates, and amenities are commanding very strong prices and selling very quickly. Combined with fewer distressed sales and an improving economy, we have seen more buyers relocating to the area vs. 2 years ago when many sellers were relocating out of State. Even with the overall market trends mentioned above, home pricing is unique to each particular home and seller circumstance. You’ll find the data summarized in the chart below. Please feel free to contact me if you have any questions about the Northville Township Real Estate Market. I can be reached at 734-272-8375 or firstname.lastname@example.org.
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