West Bloomfield Market Update

 

 

The real estate market is always in flux, and staying informed about its ever-changing dynamics is crucial, whether you’re a prospective homebuyer, seller, or just interested in the housing market. In this blog post, we’ll take a closer look at four different cities and their respective housing market statistics, shedding light on trends in median home values, list prices, home age, homeownership rates, building permits, and more.

 

 

• Median Estimated Home Value: $412,000.
• 12-Month Change in Home Value: +0.6%.
• Median List Price: $441,000.
• 1-Month Change in List Price: -6.1%.
• 12-Month Change in List Price: -0.7%.
• Median Home Age: 41 years.
• Homeownership Rate: 75%.
• Rental Rate: 25%.

City A presents a stable housing market with a modest increase in home values over the past year. While list prices have experienced a slight dip in the short term, the 12-month trend remains relatively steady. High homeownership rates indicate a preference for owning property in this city.

 

 

• Median Estimated Home Value: $366,000.
• 12-Month Change in Home Value: +3.7%.
• Median List Price: $415,000.
• 1-Month Change in List Price: -1.2%.
• 12-Month Change in List Price: +4%.
• Median Home Age: 51 years.
• Homeownership Rate: 72%.
• Rental Rate: 28%.

City B boasts a significant increase in home values over the past year, indicating a robust housing market. The city’s list prices have also risen steadily, making it an attractive option for potential sellers. With a slightly older housing stock, buyers might expect to invest in renovations.

 

 

• Median Estimated Home Value: $273,000.
• 12-Month Change in Home Value: +4.7%.
• Median List Price: $284,000.
• 1-Month Change in List Price: +1.4%.
• 12-Month Change in List Price: +29.1%.
• Median Home Age: 43 years.
• Homeownership Rate: 72%.
• Rental Rate: 28%.

City C demonstrates impressive growth in both home values and list prices over the past year. The 29.1% increase in list prices highlights a competitive market for buyers. With a median home age of 43 years, buyers may anticipate homes that are slightly newer than in City B.

 

 

• Median Estimated Home Value: $353,000.
• 12-Month Change in Home Value: +1.5%.
• Median List Price: Data not available.
• 1-Month Change in List Price: Data not available.
• 12-Month Change in List Price: Data not available.
• Median Home Age: 43 years.
• Homeownership Rate: 65%.
• Rental Rate: 35%.

City D experiences modest growth in home values over the past year. Unfortunately, we don’t have data available for list prices in this city. The median home age aligns with City C, suggesting a similar housing stock age. A homeownership rate of 65% indicates a mix of property ownership and rentals.

 

 

• City A: No data available.
• City B: $639 million worth of building permits issued, with a -1% change in permits and a -9% change in building values.
• City C: An impressive $4.58 billion in building permits issued, with a +3% change in permits and a stable building value.
• City D: Leads with $307 billion in building permits issued, featuring a remarkable +13% change in permits and a +10% change in building values.

These statistics reveal varying degrees of economic activity and development across the four cities.

 

In conclusion, understanding the unique characteristics of each city’s housing market is vital for anyone involved or interested in real estate. Whether you’re considering buying, selling, or simply keeping tabs on the market, these insights will help you make informed decisions in your real estate journey.