Two Michigan Cities Are Among Top 101 Real Estate Markets According to New Report



The real estate market in Michigan is booming right now, with listings receiving many bids and selling at higher than asking prices in just a few days. In many communities in Michigan, sales are at a record pace, with homes in the Dearborn area remaining on the market for 13 days in June, up from 28 a year earlier, according to real estate data. Realcomp

This trend in Michigan is reflected throughout the country. The national market has reached what the National Association of Realtors called “Crisis level” this year. Research titled Housing – Critical Infrastructure, found that the United States is experiencing a “shortage for construction” of about 6 million housing units, dating back to 2001.

“It wasn’t until 10 years ago that the market started to reverse after coming out of the recession,” said Jeff Dunecke of Duneske Real Estate Advisors. MLive… “It just hasn’t stopped and the reality is that it won’t stop in the future. When you run out of one month’s supply, I am concerned that we may run out of homes for sale. so fast. The market will not survive. “

Record high home prices and historically low listing levels are putting pressure on those looking to buy a home this summer, but home prices and rents vary widely across the US based on supply, demand, and more.

Personal finance website WalletHub examined the best and worst real estate markets in the area based on supply and demand in report released today.

Two Michigan cities rank in the top 101 real estate markets.

In a report of 300 cities, Grand Rapids is ranked 70th in the top real estate markets and Sterling Heights is ranked 101st.

Two key metrics, including 18 metrics, were used to rank 300 markets. These dimensions were Real Estate Market, which included market median days and foreclosures as indicators, and Affordability and the Economic Environment, which included indicators such as housing affordability and population growth.

Each market was assessed on a 100-point scale, 80 of which related to the measurement of the real estate market, and 20 to the measurement of affordability and economic environment. The data used to create this rankings were sourced from the US Census Bureau, Bureau of Labor Statistics, Council for Social and Economic Research, Zillow, TransUnion, Chmura Economics & Analytics, National Association of Realtors, ATTOM Data Solutions (RealtyTrac), and internal research at WalletHub …


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