2019 was a year of change both nationally and in the local real estate market. Nationally, sales of existing homes were up 4.6% and home prices were up 3.5%. Locally, our market was very similar, as 2019 saw more homes for sale, and modest appreciation. Both of these were welcome after a few years of historic lows for inventory and rocket-powered price escalation.
What is fueling the continued interest in real estate? Interest rates made a move back down after several months of increases. Buyer’s incomes have increased, leading to an all-time low payment as a percent of income of 15.2%. Part of this is buyers being more frugal and less willing to extend themselves. This has driven strong demand for house under $300,000 where quality inventory remains challenging.
New construction saw a resurgence with permits issued at the highest level since the start of the economic decline in 2007.
Millennial buyers are purchasing their first of second homes, and Gen Z buyers are starting their first home search. 35% of homebuyers in 2019 were under 35 years old.
Check out the graphic below for some more interesting facts.
Fantastic 2 bedroom, upper, end unit condominium in Huron Commons. One of a view units with an extra room that can be used as a dining room, office or study. Vaulted ceilings and open kitchen add to the spacious feeling. Large master bedroom with sitting area, huge closet and master bath. Screened-in deck overlooking the woods for private enjoyment. 1 car detached garage with extra storage. Laundry conveniently located in the unit. Recent A/C and water heater. All appliances are included, so you can move right in. Close to schools, parks, shopping and downtown Dexter. Easy drive to Ann Arbor.
The City of Dexter, Michigan is just about as American as you can get. It has a quaint downtown business district with shopping and dining choices to meet all tastes and budgets. Dexter also has charming city homes and nearby modern neighborhoods.
If you love a parade, you will love Dexter. Dexter certainly loves a parade and they have many throughout the year, with people coming from miles around to enjoy the sights and sounds. If festivals are more your thing, well they have those too.
How is the housing market in Dexter? Here are a few highlights, but you can read a full Neighborhood Report using the link below.
Median Estimated Home Value $276,000
Estimated Home Value 12-Month Change 8.1%
Median List Price $348,000
List Price 1-Month Change –5.2%
List Price 12-Month Change 16.4%