Through the first 4 months of 2014, Northville real estate prices continue to surge upward. Median sales prices for residential homes are now near or at pre-recession levels across the area – both the City and Township. The supply of resale homes also continues to show improvement in the Township while the City still suffers a shortage of available homes. The data below clearly illustrates that values have continued to increase while the Township has shown a sharp increase in median sales price. This is mainly due to more high value homes transacting vs. previous years. With prices increasing so high and so quickly, it’s difficult to predict how much higher the market can go. So it’s more important then ever to ensure the home you buy truly meets your current and future needs in terms of location, functionality, and resale potential.
If you are considering buying or selling in the area and would like an informed, professional opinion from people who know the local market and how to buy and sell a home, click here to contact us.
Patrick Wong, Associate Broker – Coldwell Banker Weir Manuel