One of the hottest markets in our area is in Byron Center, Michigan where the inventory of homes for sale is down almost 20% from this time last year. This rapidly growing area is home to an expanding medical campus, providing many excellent jobs for local residents. All those nurses, doctors and lab technicians have to live somewhere, so it’s no surprise that they are looking for homes that are close to their work in the ByronCenter area.
The median home price in this area remains very affordable at $195k last month. In the last year the median home price has been as high as $233k in March 2014 and as low as $175k back in October 2013, so there are good deals to be found in this community, but you may have to look awhile to find them. In ByronCenter, homes are selling in less then two months, averaging just 57 days in March 2014.
If last year’s trends continue, we may see even fewer new listings as summer progresses. In July 2013 only 23 new listings came on the Market compared to 48 the previous month. Those who are waiting for inventory to improve may have to wait till the winter holidays. For those who are thinking of listing their home for sale, this looks like a great time! Homes that sold last September lasted only 60 days on the Market and those that sold in October were only on the market an average of 48 days. That’s a fast turnaround! To obtain a Real Estate Market Report specific to your neighborhood and community contact us.
Byron Center Data – Click on links below to view raw data trends graphics. Data courtesy of the Grand Rapids Association of REALTORS
This report was brought to you by Beth Miller & Lola Audu – Audu Real Estate Inc. Copyright 2014