This year in the City of Northville, we’ve seen a sharp increase in not just home prices, but also the number of homes selling above $500,000. Prices haven’t surpassed the pre-recession peak yet but the trend is positive. With the local economy growing and homeowners now more secure in their jobs and with their businesses, there are fewer sellers and more buyers. Buyers who were holding off on purchasing due to uncertainty about jobs and the economy have returned to the market. While Sellers have recovered some or all of their equity and are in a better position to sell.
Data Source: RealComp