2019 Real Estate Recap

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.

Infographic of interesting facts about the 2019 real estate market.

Beautiful Home in Whitmore Lake

<<< NEW PRICE – $239,000 >>>

Fantastic 4-bedroom, 4-bath home in Whitmore lake’s Eagle Gardens. One of only four 4-bedroom homes in the sub, this one sits on a large cul-de-sac lot with fenced back yard. 1,852 square foot, one-and-a-half story plan features a first floor master suite, vaulted living room with wood fireplace, and three generous bedrooms upstairs. The basement has an additional bath with custom sauna and tile shower.