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.
Do you dream of waking up every morning and looking out at a tranquil, private lake? Do you enjoy a slower pace, having coffee or your favorite beverage on the deck, paddling your canoe or kayak, or maybe fishing? How about entertaining? If you answered Yes, this is the house for you.
This spacious home is located on Hamburg Township’s loveliest private, no-wake lake, Cordley Lake. Electric motors are allowed, but not gas. This keeps the sound down and the water quality up. Swim or fish without worries. With the Huron River Chain of Lakes right around the corner, there are ample opportunities if you like to go fast, but this is the place to relax and take it easy.
3630 Cordley Lake Rd. Pinckney, MI 48169
Click the picture for more information. I hope to see you at the open house.
Located in southern Livingston County and on the northern edge of the Huron River Chain of Lakes are the towns of Pinckney, Hamburg, and yes, Hell. These small towns are part of Putnam and Hamburg Townships, where life is a little slower and outdoor recreation opportunities abound.
Festivals are held to celebrate the Fourth of July, St. Patrick’s Day, Halloween and more. Free movies, concerts and classic car shows are offered throughout the summer in Pinckney’s Village Square. During Hamburg’s Railroad Days, visitors can ride a train and enjoy a look into Hamburg’s past. The annual Hamburg Family Fun Fest brings carnival rides, shows and excitement every June. The Pinckney Recreation Area and Brighton State Recreation Area offer campgrounds, hiking, cross country skiing, horseback riding, snowmobiling, mountain biking, swimming, boating, hunting and fishing. Walk, run or bike along the 13 miles of the Lakelands Trail. If water is more your speed, the lakes and rivers in the area, along with Pinckney Community Pool, offer unlimited fun in the water. Adult and youth recreational sports are available.
Median Estimated Home Value: $213,000
Estimated Home Value 12-Month Change: +11%
Median List Price: $232,000
List Price 1-Month Change: +1.1%
List Price 12-Month Change: +10.2%