It’s no secret that the real estate market is on fire in states throughout the country. But what about in our home state of Michigan? What are the hottest markets and where are the most least expensive places to buy a home right now?
According to Michigan Realtors, Big Rapids, Petoskey, Gaylord and Cadillac were among the areas with the largest growth in 2020.
The increased home sales in northern Michigan is partly due to the shift in remote working. People are realizing that their desire for a second vacation home can now become their primary residence as working at home through the pandemic proved to be successful, eliminating work commute as a buyer necessity.
Read More: Michigan Mortgage Lender Says Housing Market Up North is Red-Hot
A recent article from mlive.com has provided some 2020 and 2021 data on Michigan home sale prices by realtor association.
Most expensive areas to buy in 2020
- Emmet Association of Realtors (Petoskey area): $461,931 average sale price
- Grosse Pointe Board of Realtors: $390,488 average sale price
- Ann Arbor Area Board of Realtors: $374,991 average sale price
- Traverse Area Association of Realtors: $356,851 average sale price
- Antrim Charlevoix Kalkaska Association of Realtors: $347,315 average sale price
Least expensive areas to buy in 2020
- Detroit Board of Realtors: $89,115 average sale price
- Clare-Gladwin Board of Realtors: $109,346 average sale price
- Bay County Realtor Association (Bay City area): $123,258 average sale price
- Northeastern Michigan Association of Realtors (Hale area): $140,203 average sale price
- Eastern U.P. Board of Realtors (Sault Ste. Marie area): $143,543 average sale price
As of March of 2021 each of these regions has seen some fluctuation in average home prices yet they still hold their place in the most expensive or least expensive categories. Waterford in Oakland County is now a close 6th for most expensive place to buy. The average home sale in 2020 was $345,603 and increased to $381,075 in March, 2021.
Charlevoix, currently in the top 5, experienced a 17 percent increase in home sales in 2020 and the community continues to adjust to the shortage in affordable housing. According to an article from Bridge Michigan, the increase in rent and home prices are driving away workers who can’t afford the cost of housing. As a result, local businesses face challenges to retain the employees it needs.
About Michigan Home Loan Expert, Julie Krumholz
Julie Krumholz, is a Michigan mortgage lender with over 35 years in the industry. Julie’s goal is to provide the best possible mortgage experience and the most competitive rates. Julie has vast experience in FHA loans, VA Loans, USDA loans and MSHDA loans throughout Michigan.
