What a start to the beginning of the home buying and home selling season in Oakland County, Michigan, all being great news for home values and home sellers currently listing their homes, most homes across the Oakland County, Michigan are up 7% and even more since March of 2017. According to the most recent Home Price Index Report from CoreLogic, home prices nationwide increased by 7% from March 2017 to March 2018. According to an April 2017 article from the National Association of Realtors, the median home price in March 2017 was $236,400. This means the average homeowner has gained nearly $17,000 in wealth from their homes over the past year. This is great news, except inventories have been very low for Oakland County home buyers in the market to purchase a new home, but now we are seeing this staring to reverse with more home inventory increasing.
Thanks to an historic low housing inventory available it has been daunting for home buyers to find the perfect home, and if they do find one that fits their needs it becomes a bidding war between the Oakland County home buyer and their competition. Until recently, the hyper-competitive market was starting to discourage potential Oakland County home buyers. In fact, in March 2018 the number of buyers requesting home tours dropped 1.4% nationally, and the number of buyers writing offers dropped nearly 2% (according to the Redfin Housing Demand Index). The numbers don’t lie, but the return of housing inventory could not be better news for Oakland County home buyers who are desperate to find the perfect home before the school year begins.
However, according to the Demand Index, in April, newly listed homes for sale were up an impressive 6.6% year-over-year. It looks like the tides are (finally) starting to turn for potential Oakland County home buyers. This increase in inventory should make it a bit easier out there for potential Oakland County home buyers. So if you’ve been thinking about purchasing a home, now is a great time to make a move.