Monday February 22, 2021 by MLive
With few homes on the market across Michigan and lots of prospective buyers emboldened by record-low mortgage rates, the competition for existing homes is tough. The number of listings last year in the Grand Rapids area, for example, fell to the lowest level in over two decades. As a result, listings are immediately attracting multiple offers that push prices higher, even for older homes that are outdated and need repairs. The average sale price in the Grand Rapids-area surged 10% in 2020 and is $100,000 more than just six years ago.
In the Detroit area, too, listings were down more than 16% last year and sale prices were up over 10%. Given that the inventory of homes on the market across Michigan dipped even farther in January, prices are expected to continue rising through 2021.
