A home for sale on Huntington Road in East Lansing photographed on Tuesday, Dec. 21, 2021.
Michigan’s housing market saw prospective buyers placing higher bids for tighter inventory this year, according to data from the state’s trade association for real estate agents.
Through October, Michigan saw a 13.8% increase in residential sale prices in 2021 compared with the same period last year. The average home sold for $243,997 compared to $214,361 last year, and there was a 3% uptick in total sales.
Michigan Realtors President and real estate agent E’toile Libbett said increased demand for a smaller supply of homes has driven up prices. The situation is exacerbated by high construction costs, supply chain issues and financial hardship faced by many during the pandemic.
“We’re not where we need to be as far as the number of housing units that are even available,” Libbett said.
The concern varies regionally. Greater Lansing’s numbers for 2021 are largely in line with state averages, with slightly larger growth in sales (4.7%) and less growth in average housing price (11.2%).
Only the Antrim-Charlevoix-Kalkaska tricounty area saw its average housing price drop this year, a dip of less than one percent.
As for total sales, the biggest growers were Tuscola County (21.5%), Greater Battle Creek (20.8%), Greater Saginaw (17.4%) and the Upper Peninsula (17.2%). The largest dips were in Emmet County (-10%), Branch County (-9.6%) and St. Joseph County (-8.8%).
Here are the regions with the largest and smallest price shifts through October compared to the same period last year, according to data provided by Michigan Realtors.
The largest average price jumps
Branch County, 35.6%
Rural Branch County in the southern part of the state has seen the largest increase in home sale prices so far this year, according to MRA data. The 2021 median sale price is $211,364, compared to $155,917 in 2020.
However, actual sales fell by 9.6% from 363 to 328, among the largest drops in total sales in any area.
The Detroit Board of Realtors reported a 29.3% increase in average residential sale price from 2020 to 2021.The 2021 median sale price is $105,025, compared to $81,217 last year. Actual sales have remained essentially the same, with a 1.5% increase from 3,082 to 3,128 this year.
Bay County, 23%
North of Saginaw, Bay County reported a 23% increase in average residential sale price this year — $155,979 compared to $126,084 in 2020.Actual sales also increased by nearly 6% from 1,006 to 1,065 this year.
Sanilac County, 21.6%
Located in the Thumb, Sanilac County reported a 21.6% increase in home prices in 2021, with an average price of $208,245 compared to $171,261 last year. Actual sales remained fairly similar to last year, with a 1.1% increase bringing the total number to 366.
The tricounty realtors association for Mason, Oceana and Manistee …….