Although the temperature is dropping and there’s a chill in the air, there is no evidence the housing market in West Michigan will cool off any time soon.
Throughout the year, real estate companies often release reports highlighting statistics and trends that can help buyers and sellers alike. These reports can provide valuable insight into the housing market and help with planning and decisions.
A recent quarterly report for West Michigan’s housing market shines a light on Lakeshore real estate and the details that clients and agents can expect for the near future.
Here are some of those numbers.
2458 – The number of reported homes on the market in West Michigan. Although this number rises and falls over time, the current figure shows a healthy inventory of homes for potential buyers to choose from.
$276,664 – The average sale price of a home in West Michigan. Although waterfront and luxury houses and property along the Lakeshore can often sell for millions, there are also a variety of homes with more attainable process for people looking to escape the city life and relocate to a more rural setting.
100.5 Percent – The average sale price of a home shown as a percentage of the listed price. In other words, the average seller puts .5% more than the asking price in their pocket when the sale is complete.
3.7 Percent – The amount of population growth seen in West Michigan from 2014 to 2019. With all of its beautiful natural resources, strong job market, and hometown atmosphere, West Michigan has a lot to offer.
Here are a few other interesting facts about West Michigan.
West Michigan has one of the fastest growing economies in the United States. There are more than 130 international companies in the area, as well as the headquarters for giants like Steelcase and Herman Miller.
There are 15 different colleges, and Michigan ranks 13th in the US in the number of people working in science and technology fields.
Forbes magazine called Grand Rapids the “Best City in the US to Raise a Family” due to the low cost of living and terrific school systems. Grand Rapids was also recognized as the second-best place in the country to live by the Wall Street Journal and Inc. magazine identified Grand Rapids as a hotbed for entrepreneurs.
From South Haven to Pentwater, the Michigan Lakeshore and West Michigan make great destinations for buyers interested in moving away from urban areas, or families looking for a first home. No matter what the reason, if you are considering a move in 2021, please reach out to the experienced team at the Andrea Crossman Group and let us help you find your West Michigan or Lakeshore dream home.