Sellers are asked to switch on all lights and leave open interior doors as well as cabinets, drapes and blinds. Visit our website to read about the current market conditions, view real estate market videos that are updated monthly, and view quarterly market reports for Michigan counties showing the listing inventory and days on market by city. And jobless benefit applications remain elevated after increasing from last week. Date(s) & Update Frequency: Home Values, Rents: Reflects Q2 2020. Low inventory, they say, will drive up prices. But despite the hard times the city has fallen on, one area continues its growth and provides opportunity: the Detroit housing market.. It’s true that the coronavirus caused the Detroit housing market 2020 to freeze and essentially miss out on a hot spring season. Realtor.com recently released the latest numbers on the country’s housing market. The median listing price per square foot was $170. Before the COVID-19 outbreak in Michigan the housing market had strong momentum through the middle of March, and experts expect a strong bounce back once the stay home order is lifted due to pent up demand. In September 2020, the median list price of homes in Oakland County, MI was $319.9K, trending up 3.2% year-over-year. “Buyers might think sellers are desperate and they can get 20% off the house, and they are finding that sellers aren’t.". Buyer demand has remained healthy so far because, despite rising unemployment, many people still have jobs and anticipate an easing to the economic crisis along with the virus crisis. The coronavirus crisis and its related recession have yet to cool Michigan's Up North vacation home market, which real estate agents say is seeing strong interest from … Real estate market creates workaround amid coronavirus outbreak. “The sellers did portray it on their Zillow ad with some very nice photos, and the photos did a very good job," he said. The average Fair Market Rent for a 2-bedroom home in Michigan is $773 per month. For now, real estate agents report seeing many sellers get full asking price — or better — for their homes, and houses under $500,000 are often fielding multiple offers. In addition, Michigan has yet to see any flood of foreclosed homes during this downturn, thanks to various pandemic-related mortgage forbearance and foreclosure moratorium programs, as well as the temporary federal boost to unemployment insurance that put the maximum Michigan benefit at $962 per week, which would equal a $50,000 salary at an annualized rate. Their house had a half-dozen physical showings by the middle of May. One of the best states to invest in real estate in the Midwest is non-other than Michigan. Analytics built by: Location, Inc. The real estate industry reacting quickly to the coronavirus, creating a workaround to show properties. Contact JC Reindl 313-222-6631 or jcreindl@freepress.com. Michigan's economy collapsed this spring amid the coronavirus pandemic as thousands of businesses closed and more than 1 million residents lost work and sought unemployment benefits. The Fair Market Rent in Michigan ranges from $713 for a 2-bedroom apartment in Alcona … For comparison, then years ago in July 2010, the available market was decidedly more robust with 3,821 houses for sale at that time. an associate broker with Coldwell Banker Weir Manuel, Amid pandemic, buyers are shopping for Michigan houses sight unseen, Your California Privacy Rights/Privacy Policy. November 13, 2020 by Marco Santarelli Here are the updated housing market trends & predictions for 2020 & 2021. As of now, the housing market remains a hot seller's real estate market, with annual price growth reaching record highs and inventory continuing to fall. Click on your region in the list below or on the map to see a more detailed break down of rental prices. Here are some additional resources you may also be interested in: RentData.org is an independent organization not affiliated with HUD.GOV or any other government agency. Real estate agents attribute the situation to many would-be sellers deciding to wait out the worst of the pandemic before listing their properties. Buyers and sellers had to rely almost entirely on photos and virtual showings of properties before Gov. Raitu sums up the market. “I don’t think there's a recession discount because the market has been tipped to sellers for a long time," said Maureen Francis, an associate broker with Coldwell Banker Weir Manuel in Birmingham and president of Michigan Realtors. Latest Update On The Current Housing Market – May 21, 2020 –Since the onset of COVID-19, forecasts on the housing market run the gamut from optimistic to … Also, with Detroit’s unemployment rate rising because of the COVID pandemic, keeping people in their homes and boosting access to affordable housing is crucial especially during this economically unstable time. Sales of existing homes … Source & Methodology. So Michigan performed better in the Last Quarter than 30% of these 51 real estate markets. Fair Market Rent is the 40th-percentile of typical rentals in a given region. The Fair Market Rent in Michigan Among the key housing market predictions for … Stacey Vanek Smith Cardiff Garcia The Coronavirus Housing Boom . October existing home sales rose 4.3% from September and 26.6% from a … Though inventory has lagged behind demand, property values had seen steady increases over … By Devon Thorsby, Editor, Real Estate April 2, 2020, at 4:43 p.m. More. For FY 2020, the Ann Arbor, MI MSA (Washtenaw County) rent for a studio or efficiency is $900 per month and $1,767 per month to rent a house or an apartment with 4 bedrooms. As of just a couple weeks ago, Detroit’s housing market was robust. According to RE/MAX, housing sales … ranges from Ann Arbor, MI MSA. $713 for a 2-bedroom apartment in April 10, 2020, 4:00 AM PDT The housing market will suffer. The photos proved fairly accurate representations, he said, and they had no unpleasant discoveries during the in-person tour. Prices could continue to rise — or at least stay stable — through early summer. Learn more. Michigan (MI) has the More. Dr. Molly O'Shea Gallucci and her husband, Tony, are using high-definition 360-degree virtual tours to help sell their Bloomfield Hills house, which listed for $775,000 near the start of May. However, as consumers indicated that they expect a moderation in economic activity in 2020, the housing market is likely to reflect the economic headwinds. At that level, the market offers a 6.6-months supply of houses for buyers. Michigan Housing Market 2020: Invest in These Cities When searching for where to invest in real estate, many will consider the Midwest housing market for its affordability and profitability. Bartley said his daughter and son-in-law relied entirely on the interior photos until just the day before the closing, when they finally did a walk-through. The housing market heated up after the Fed turned dovish in 2019, and in 2020 the momentum is poised to continue, according to analysts. Realcomp data shows about a year's worth of supply of $1 million homes currently on the market in Metro Detroit, according to Tarala. Follow him on Twitter @jcreindl. CBS Detroit – What should be a high right now in the housing market, Detroit is leading the nation in the decline of home sales. Detroit Real Estate Market Trends & Statistics 2020 In this section, you’ll learn about the top three factors that make Detroit one of the strongest real estate markets today, including: affordable home prices, strong monthly rental income, and equity growth potential. Setting, Housing Stock, … Since then, sales have picked up as in-person showings return — with new social-distancing rules — and more sellers decide to try listing homes. Motor City has been hard at work over the past decade, recovering from the last recession. Those in the lending industry say there has been only a modest tightening of requirements for mortgage approval, and borrowers who are still employed and have 630-plus credit scores should be OK. and last updated 2020-04-19 18:35:59-04. Updated quarterly. “I didn’t see any advantage to waiting," she said. The property listed for $115,000 during the height of the pandemic and saw multiple offers from people who had never stepped inside. To be sure, the housing market's outlook could change this summer if job losses mount and other economic fallout from the pandemic gets worse. getty. Alcona County, MI Under the governor's executive order for the real estate industry, no more than four people can be present at one time during a home showing and open houses are not yet allowed. The figures define metro Detroit as Wayne, Oakland, Macomb and Livingston counties and do not include private sales or for-sale-by-owner transactions. That same data-set shows about a month-and-a … By Devon Thorsby, Editor, Real Estate April 2, 2020. Median listing prices rose 19% in Philadelphia in August. Under tight state restrictions, Michigan’s housing market perseveres Real estate, mortgage and home construction industries are classified as non-essential businesses April 30, 2020… Housing Market Expectations in 2020. The housing market in the U.S. could enter a recession, according to online real estate company Zillow which predicts that will happen in 2020. Economists crunched the … All rights reserved. One month earlier, in June of 2020, the level was at a 6.7-months supply with 1,500 houses for sale. Those decisions, together with Michigan's temporary restrictions on the real estate industry during late March and April, exacerbated the low inventory situation in the housing market … Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency. They considered holding off on listing, but decided that there was little point in waiting because market demand appears strong and families typically like to settle into a new house well before the start of a new school year. There is a noticeable lack of housing for extremely low-income families which is alarming because a third of the population lives below the poverty line. Here’s how it could impact the housing market for the rest of 2020. 13 However, those who enter forbearance on their current Fannie Mae or Freddie Mac-backed mortgage may need to show a period of on-time payments before they qualify for a new mortgage. The widespread impact over the spread of the coronavirus in Southeast Michigan will take a toll on the housing market.How that plays out will be felt by consumers and real estate … New listings were down about 12-13% in March, though 202 single-family homes and 69 condos still sold. "If you look at three of the last five recessions, home prices have gone up.". As COVID-19 set in across Michigan with massive uncertainty everywhere, the housing market ground to a dead stop. Washtenaw County’s housing market has seen both ups and downs lately. Aug 25, 2020 11:26 am ET In Michigan the median of currently listed Michigan homes for sale is $302,420 ($162 price per square foot). The Detroit housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. Housing in 2020 will be most challenging for buyers: Economist That dynamic will continue in 2020 and added pressure on the middle range of the … … They began house hunting for places under $160,000 in Detroit, Ferndale and Hazel Park shortly after Gov. GRAND RAPIDS, Mich. — COVID-19's impacted virtually every industry and aspect of life in the past … What to Expect From the Housing Market in 2020 The coronavirus pandemic has reduced homebuying and selling activity. Since the coronavirus is causing some sellers to take their homes off the market—during what was already considered a housing shortage—Yun doesn’t expect home prices to drop in 2020. More: Amid pandemic, buyers are shopping for Michigan houses sight unseen. Read more on business and sign up for our business newsletter. Realtors also are encouraging would-be buyers to wear masks and gloves when touring properties. Yet in contrast to what happened when the 2007-09 recession hit, metro Detroit home sale prices haven't crumbled so far, and are actually climbing higher. to $1,124 for a 2-bedroom unit in In April, the number of metro Detroit home listings was down about 20% and sales dropped 50% from a year earlier, even as the median sales price for houses and condos jumped nearly 16% higher, according to the latest data from the Realcomp multiple-listing service. Home sales blow past expectations — again. Single family housing starts were expected to be up 10 percent for 2020, that number has dropped to a decline of 11 percent. 43rd highest rent in the country out of 56 states and territories. Gretchen Whitmer allowed the real estate market … Detroit Real Estate Market Forecast 2020 According to Zillow.com, the median rent price in Detroit is $850, which is lower than the Detroit-Warren-Dearborn Metro median of $1,200. RentData.org © 2020. 12 Fannie Mae agrees, forecasting a median existing-home price of $283,000 in 2020—an overall growth of 4% compared to 2019. Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in Michigan. Michigan Real Estate Market was ranked 36th out of the 51 real estate markets of all 50 U.S. States and the District of Columbia. Steven Bartley said his daughter and her husband recently closed on the $125,000 purchase of a four-bedroom house in the LaSalle Gardens area of Detroit. Michigan Real Estate Values & Housing Market Data. Michigan was in the 30th percentile. Click on a region to view more detailed rent data. Gallucci said they have already moved out of the house, which alleviates virus concerns for themselves and interested buyers who proceed to in-person showings. November 20, 2020 Existing home sales continued to surge in October on the strength of enduring buyer demand. Gretchen Whitmer on May 7 lifted her pandemic restrictions on the real estate industry. Low mortgage rates, which have partially fueled this demand, fell even lower. Those decisions, together with Michigan's temporary restrictions on the real estate industry during late March and April, exacerbated the low inventory situation in the housing market that has persisted for several years. There are new rules and recommended behaviors for viewing and showing homes, said Francis, the Michigan Realtors president. The economy is in crisis, but the housing market is booming : ... July 29, 2020 7:21 PM ET. Within that period people took their homes off the market… The Accuracy of the Trend Prediction for Detroit is 76%. 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