2014 saw the average sale price for a residential home in the Plymouth and Northville markets continue to increase. In the City of Plymouth, the average sales price has risen for 4 consecutive years reaching new highs. The average sales price of a single family home in the City of Plymouth is now 63% higher than in 2010. The City of Northville has also reached near pre-recession highs with the average sales price increasing 70% since 2009. In the Township areas, Both Plymouth and Northville Townships have also seen steady price increases but have yet to surpass pre-recession highs. Price growth has been steady and the trend is higher across the board.
The dramatic increase in real estate value in the local area has reignited new construction activity. In the City, we are seeing smaller/older homes demolished and larger homes built in their place. In the Township, we are seeing farms and empty lots replaced with new residential and commercial building activity. The street scenes and landscape are changing!
And as we look forward to 2015, all indications are that prices will continue to rise albeit at a more conservative and sustainable pace. Interest rates remain low while interest in moving to Plymouth and Northville remain high.