It’s mid-summer and we now have data for the first six months of 2017! Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with busy shops, restaurants, and events. The City of Northville has also seen significant increases in value while the number of new listings remains low across the region. The Townships of both Plymouth and Northville have also shown steady price increases in addition to growing new development activity – especially in Northville Township. The lack of inventory as shown below illustrates that in an area where there is limited opportunity for new development, the price of existing homes will appreciate in a strong market.
We now have the full year of 2016 data and average price trends in the Plymouth and Northville markets have continued their upward climb. This should come as no surprise to those who live here and have witnessed the market first hand. But it’s nice to see the supporting data that shows prices have indeed kept rising. I’ve split the data by City and Township for both Plymouth and Northville single family homes with comments and observations below each chart. You’ll find a 5th chart that illustrates the inventory of active listings in Plymouth and Northville remains very low. As always, you can refer to our website’s front page to see what our listings and buyer sales close for. If you would like additional market information or a valuation of your home, please complete the form at the end of this article.
City of Plymouth Average Sales Price: Single Family Homes Last 10 years: Another Record Year
The City of Plymouth real estate market continues to reach higher and higher heights as people are attracted to our walkable neighborhoods and city center. Prices are setting new records with bidding wars being commonplace for the more desirable homes and locations – however, it’s not every home that sells for a premium. Location, condition, presentation, marketing, functionality, updates, and pricing all determine how fast and how much a home will sell for.
We are seeing people from all over the metro Detroit and Ann Arbor area choosing the City of Plymouth whether they are first time or last time buyers. Buyers are cross shopping Plymouth and Ann Arbor more often as well as the Ann Arbor market can be even more competitive. New construction activity has also been transforming parts of the City resulting in a community response that resulted in new rules for new construction. How the new Floor Area Ratio ordinance will affect the market remains to be seen but I expect Plymouth will be just as desirable, if not more desirable, as before. If you split out new construction homes from the data, the average price is still trending significantly higher year over year. And based on the actual activity we are seeing on the ground, this upward trend should continue through 2017 barring any unforeseen shock to our local economy and the automotive industry in general.
Township of Plymouth Average Sales Price: Single Family Homes Last 10 years:
Plymouth Township prices have also remained steady and strong although the market is less robust than in the City. For buyers who prefer a little more house for the money, a lower property tax rate, a larger home and/or property, or prefer to just have more privacy and space between homes, the Township offers a wide range of established neighborhoods and homes with acreage, nearby parks, and proximity to the City. We have also seen quite an increase in inbound relocation buyer traffic moving to the Plymouth area where the schools, prices, proximity to the City of Plymouth, DTW, metro Detroit, and Ann Arbor all help to make the Plymouth Township very attractive.
City of Northville Average Sales Price: Single Family Homes Last 10 Years:
The City of Northville has also shown a remarkable recovery from the Recession. Prices are very strong with homes selling off market or very quickly on market at higher prices. The tear-down/new construction activity is here as well although not as pervasive as in Plymouth. Northville has a much larger Historic District where home demolition is severely restricted. The business district continues to thrive with new restaurants, coffee shops, retail stories, parks, events, while the quiet, historic, walkable neighborhoods continue to attract buyers who appreciate all that Northville has to offer. The feel of the downtown is different from Plymouth so we always encourage our clients to spend time in both to see for themselves. If you are looking for a home in the City of Northville, we recommend patience and perseverence.
Township of Northville Average Sales Price: Single Family Homes Last 10 Years:
Northville Township prices have recovered steadily and there are pockets of new construction on the few remaining empty lots and even new projects on previously undeveloped land. The redevelopment of the old Women’s Prison will take place adding more residential, shopping (and traffic) to the Beck Road and 5 Mile area. One of the drivers of Northville Township real estate market over the past year is inbound corporate relocation activity. We see a steady of flow of transferees either moving to or moving back to the area. Larger, newer homes with community amenities, parks, and highly regarded schools have made Northville Township a safe and reliable choice for many buyers. As with Plymouth, the location is ideal for proximity to everything in metro Detroit, Ann Arbor and the downtowns of Northville and Plymouth.
Plymouth and Northville Number of Active Listings: Homes and Condos Last 10 Years by Month:
With demand for Plymouth and Northville continuing to drive our market and a limited supply of new construction inventory, real estate is going to remain a sellers market. The dramatic decline in the number of active listings on the market at any given time since the recession clearly indicates how competitive the market is, why prices are going up, and how difficult life can be if you are trying to buy in Plymouth and Northville.
If you have any questions about the material above or just want to discuss your real estate goals with us, please contact us by completing the form below and we will respond to your query promptly. We specialize in our local market and can provide the professional expertise and experience necessary to guide you through the process.
It’s mid-summer and we now have data for the first six months of 2016! Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with new shops including the opening of Westborn Market. It’s heartwarming to see people walking downtown with their folding shopping trolleys on their way to do their grocery shopping! The City of Northville has also seen significant increases in value – especially in the downtown area where new businesses like Red Dot Coffee and the Center Street Grille have created a lot of excitement. The Townships of both Plymouth and Northville have shown very steady pricing and new development activity is on the rise once again in Northville Township.
Spacious 4 Bedroom, 2.1 Bath Colonial Home in Northville’s highly desirable Colony Estates!
Walk to the Neighborhood Park from this 2,204 sq ft. Home which lies amidst beautiful mature shade Trees on a ¼ acre Private Corner Lot and hosts an appealing Front Elevation. Boasting Hardwood Floors & Newer Windows in most of home as well as New Paint throughout. Start with this fresh canvas and Make this home your very own Northville Haven!
Come join us Saturday 1-3pm & enjoy our cool air-conditioned Open House.
Beautiful Colonial Home in Plymouth’s Heather Hills – This Spacious 4 Bedroom, 2.5 Bath, 3671 sq ft home lies amidst picturesque greenery on a ½ acre Corner Cul-de-Sac and boasts numerous recent Updates throughout this gorgeous home! Move-in Ready.
Come join us Sunday 1-3pm and enjoy our cool air-conditioned Open House
12852 Lomond Court, Plymouth: South of N. Territorial & West of Beck
Just listed: A small and highly prized condominium village with only 28 units directly overlooking picturesque Walden Pond. A trophy location surrounded by higher value single-family homes. Two bedrooms up… each with their own bath. There are 4 closets in the master bedroom (one is a large walk-in). Living room with fireplace, 3 ½ baths, formal dining room, stacked washer/dryer off kitchen, finished basement with wall-enclosed Murphy Bed and Kohler jetted tub. One car attached garage with opener. Brick patio off dining room and large balcony off master bedroom offers privacy and stunning views of Walden Pond.
Open this Sunday 11am to 2pm, 540 Orchard Drive was seamlessly expanded & renovated in 2011 with design work by Architect George Clemens (clemensarchitecture.com) and custom build work by Amish builders. This home has character AND functionality. 3 bedrooms upstairs and one suite on the main level, a Shaker style gourmet island kitchen with quartz countertops & stainless appliances open to the family room, 3rd floor recreation room, abundant storage, a 2011 2.5 car carriage house with walk-up second story, spacious basement for storage & recreation, 2nd floor laundry closet hookup, covered rear porch, mudroom, James Hardie & brick siding, Jeld-Wen windows, 3 fireplaces, and more. Walking distance to OLV school, parks, & Downtown Northville. Award-winning Amerman Elementary, Hillside Middle & Northville High Schools. Live the charmed life in one of America’s greatest classic small towns!
We are pleased to finish out 2014 with the closing of this delightful Northville home on Cypress Court in the Woodlands Villas. This 2002 built, 3 Bedroom, 2.1 Bath Condo sits along a quiet court, with backing to woods peace and privacy. All expected amenities for a lifestyle of ease and comfort are present: first floor Master Bedroom and Laundry, Hardwood Floors, Kitchen with Stainless Steel Appliances and Corian countertops, Daylight basement, Rear Deck with Stairs, and grounds maintenance. The home backs to a lush valley with walking paths and ponds. Ideally located close to downtown Northville and Plymouth, Cypress Court is a pleasing balance of space, functionality, and location.
OPEN HOUSE this Sunday 1-4pm: Elegantly appointed, present day living with the vintage charm and appeal of a classic American small town . Meticulously transformed in 2011 by the current owners, the completed home now enjoys 3,472 sq. ft. of finished living space on 3 floors. The features and upgrades are many, including an Open Concept Kitchen and Family Room, Stainless Steel appliances, Quartz Countertops, Shaker Style Cabinetry, Hardwood Floors, Covered Front & Rear Porches, Generous Rear Yard space, custom woodwork, reclaimed pillars & built-ins abound, 2 ½ Car garage with Walk-up Bonus Room, First Floor in-law Suite – this home offers the consummate blend old house warmth and new house comfort. Located on a tree-lined street within easy walking distance to downtown Northville’s parks, shops, entertainment, events, and restaurants.