Tesla stock increased 54% in the last couple weeks?
That’s bananas. Like real estate prices since 2010.
Once in a while we study numbers to help our clients make sense of the local real estate market. You know, understand what economists call “the wealth effect.” Or perhaps, understand what “equity rich” means. Well, let’s just say both are in play in metro Detroit. Hugely.
Below is your New Home Experts® single family home market update for Metro Detroit (not including condos). Highlighted first are overall market conditions in Greater Metropolitan Detroit including, but not limited to locales in Lapeer, Macomb, Oakland, Washtenaw, and Wayne Counties. Then we get into a couple specific cities in Oakland County.
Generally speaking, metro Detroit prices as a whole increased nearly 14% from January of 2019 to January of 2020.
Royal Oak prices rose roughly 4.5% from January 2019 to January 2020.
Rochester Hills prices rose roughly 8.7% from January 2019 to January 2020.
Novi prices rose about 35% from January 2019 to January 2020. Yea, that’s 35%, not 3.5%!
Lyon Township prices rose about 20% from January 2019 to January 2020.
Regardless where you think you stand with regard to equity, we’re here to help make sense of it all. We’re happy to check out your home, estimate a sales price, and offer our expertise on timing and updates. Building new before selling is real for many of our buyers, it just takes a little understanding.