Sellers are asked to switch on all lights and leave open interior doors as well as cabinets, drapes and blinds. GRAND RAPIDS, Mich. — COVID-19's impacted virtually every industry and aspect of life in the past … As COVID-19 set in across Michigan with massive uncertainty everywhere, the housing market ground to a dead stop. “I don’t think there's a recession discount because the market has been tipped to sellers for a long time," said Maureen Francis, an associate broker with Coldwell Banker Weir Manuel in Birmingham and president of Michigan Realtors. 43rd highest rent in the country out of 56 states and territories. Here’s how it could impact the housing market for the rest of 2020. Michigan's economy collapsed this spring amid the coronavirus pandemic as thousands of businesses closed and more than 1 million residents lost work and sought unemployment benefits. Alcona County, MI In addition, Michigan has yet to see any flood of foreclosed homes during this downturn, thanks to various pandemic-related mortgage forbearance and foreclosure moratorium programs, as well as the temporary federal boost to unemployment insurance that put the maximum Michigan benefit at $962 per week, which would equal a $50,000 salary at an annualized rate. For FY 2020, the Ann Arbor, MI MSA (Washtenaw County) rent for a studio or efficiency is $900 per month and $1,767 per month to rent a house or an apartment with 4 bedrooms. Motor City has been hard at work over the past decade, recovering from the last recession. Within that period people took their homes off the market… “I didn’t see any advantage to waiting," she said. One of the best states to invest in real estate in the Midwest is non-other than Michigan. By Devon Thorsby, Editor, Real Estate April 2, 2020. What to Expect From the Housing Market in 2020 The coronavirus pandemic has reduced homebuying and selling activity. Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency. October existing home sales rose 4.3% from September and 26.6% from a … to $1,124 for a 2-bedroom unit in Their house had a half-dozen physical showings by the middle of May. The widespread impact over the spread of the coronavirus in Southeast Michigan will take a toll on the housing market.How that plays out will be felt by consumers and real estate … April 10, 2020, 4:00 AM PDT The housing market will suffer. Steven Bartley said his daughter and her husband recently closed on the $125,000 purchase of a four-bedroom house in the LaSalle Gardens area of Detroit. Bartley said his daughter and son-in-law relied entirely on the interior photos until just the day before the closing, when they finally did a walk-through. Realcomp data shows about a year's worth of supply of $1 million homes currently on the market in Metro Detroit, according to Tarala. Detroit Real Estate Market Trends & Statistics 2020 In this section, you’ll learn about the top three factors that make Detroit one of the strongest real estate markets today, including: affordable home prices, strong monthly rental income, and equity growth potential. And jobless benefit applications remain elevated after increasing from last week. Gretchen Whitmer allowed the real estate market … RentData.org © 2020. 13 Michigan Housing Market 2020: Invest in These Cities When searching for where to invest in real estate, many will consider the Midwest housing market for its affordability and profitability. Median listing prices rose 19% in Philadelphia in August. Yet in contrast to what happened when the 2007-09 recession hit, metro Detroit home sale prices haven't crumbled so far, and are actually climbing higher. Single family housing starts were expected to be up 10 percent for 2020, that number has dropped to a decline of 11 percent. an associate broker with Coldwell Banker Weir Manuel, Amid pandemic, buyers are shopping for Michigan houses sight unseen, Your California Privacy Rights/Privacy Policy. November 20, 2020 Existing home sales continued to surge in October on the strength of enduring buyer demand. Prices could continue to rise — or at least stay stable — through early summer. For comparison, then years ago in July 2010, the available market was decidedly more robust with 3,821 houses for sale at that time. Analytics built by: Location, Inc. Stacey Vanek Smith Cardiff Garcia The Coronavirus Housing Boom . Follow him on Twitter @jcreindl. Michigan Real Estate Values & Housing Market Data. ranges from … $713 for a 2-bedroom apartment in Real estate market creates workaround amid coronavirus outbreak. There is a noticeable lack of housing for extremely low-income families which is alarming because a third of the population lives below the poverty line. Washtenaw County’s housing market has seen both ups and downs lately. Some homebuyers are concerned … Michigan was in the 30th percentile. Dr. Molly O'Shea Gallucci and her husband, Tony, are using high-definition 360-degree virtual tours to help sell their Bloomfield Hills house, which listed for $775,000 near the start of May. Under tight state restrictions, Michigan’s housing market perseveres Real estate, mortgage and home construction industries are classified as non-essential businesses April 30, 2020… As of just a couple weeks ago, Detroit’s housing market was robust. The photos proved fairly accurate representations, he said, and they had no unpleasant discoveries during the in-person tour. Economists crunched the … As of now, the housing market remains a hot seller's real estate market, with annual price growth reaching record highs and inventory continuing to fall. More. Setting, Housing Stock, … The Fair Market Rent in Michigan ranges from $713 for a 2-bedroom apartment in Alcona … In April, the number of metro Detroit home listings was down about 20% and sales dropped 50% from a year earlier, even as the median sales price for houses and condos jumped nearly 16% higher, according to the latest data from the Realcomp multiple-listing service. "If you look at three of the last five recessions, home prices have gone up.". The housing market in the U.S. could enter a recession, according to online real estate company Zillow which predicts that will happen in 2020. The Detroit housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. Detroit Real Estate Market Forecast 2020 According to Zillow.com, the median rent price in Detroit is $850, which is lower than the Detroit-Warren-Dearborn Metro median of $1,200. Buyer demand has remained healthy so far because, despite rising unemployment, many people still have jobs and anticipate an easing to the economic crisis along with the virus crisis. Gallucci said they have already moved out of the house, which alleviates virus concerns for themselves and interested buyers who proceed to in-person showings. Under the governor's executive order for the real estate industry, no more than four people can be present at one time during a home showing and open houses are not yet allowed. Housing in 2020 will be most challenging for buyers: Economist That dynamic will continue in 2020 and added pressure on the middle range of the … Click on your region in the list below or on the map to see a more detailed break down of rental prices. CBS Detroit – What should be a high right now in the housing market, Detroit is leading the nation in the decline of home sales. So Michigan performed better in the Last Quarter than 30% of these 51 real estate markets. There are new rules and recommended behaviors for viewing and showing homes, said Francis, the Michigan Realtors president. Home sales blow past expectations — again. The Fair Market Rent in Michigan Realtors also are encouraging would-be buyers to wear masks and gloves when touring properties. New listings were down about 12-13% in March, though 202 single-family homes and 69 condos still sold. The property listed for $115,000 during the height of the pandemic and saw multiple offers from people who had never stepped inside. Click on a region to view more detailed rent data. But despite the hard times the city has fallen on, one area continues its growth and provides opportunity: the Detroit housing market.. It’s true that the coronavirus caused the Detroit housing market 2020 to freeze and essentially miss out on a hot spring season. Michigan's largest real estate company, Real Estate One, with offices servicing Michigan, knows the Michigan real estate market. To be sure, the housing market's outlook could change this summer if job losses mount and other economic fallout from the pandemic gets worse. Here are some additional resources you may also be interested in: RentData.org is an independent organization not affiliated with HUD.GOV or any other government agency. Michigan Real Estate Market was ranked 36th out of the 51 real estate markets of all 50 U.S. States and the District of Columbia. Buyers and sellers had to rely almost entirely on photos and virtual showings of properties before Gov. Fair Market Rent is the 40th-percentile of typical rentals in a given region. The economy is in crisis, but the housing market is booming : ... July 29, 2020 7:21 PM ET. Real estate agents attribute the situation to many would-be sellers deciding to wait out the worst of the pandemic before listing their properties. The housing market heated up after the Fed turned dovish in 2019, and in 2020 the momentum is poised to continue, according to analysts. Since then, sales have picked up as in-person showings return — with new social-distancing rules — and more sellers decide to try listing homes. Aug 25, 2020 11:26 am ET In Michigan the median of currently listed Michigan homes for sale is $302,420 ($162 price per square foot). The average Fair Market Rent for a 2-bedroom home in Michigan is $773 per month. Also, with Detroit’s unemployment rate rising because of the COVID pandemic, keeping people in their homes and boosting access to affordable housing is crucial especially during this economically unstable time. One month earlier, in June of 2020, the level was at a 6.7-months supply with 1,500 houses for sale. Raitu sums up the market. Visit our website to read about the current market conditions, view real estate market videos that are updated monthly, and view quarterly market reports for Michigan counties showing the listing inventory and days on market by city. getty. Realtor.com recently released the latest numbers on the country’s housing market. In September 2020, the median list price of homes in Oakland County, MI was $319.9K, trending up 3.2% year-over-year. Michigan (MI) has the Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in Michigan. Gretchen Whitmer on May 7 lifted her pandemic restrictions on the real estate industry. 12 Fannie Mae agrees, forecasting a median existing-home price of $283,000 in 2020—an overall growth of 4% compared to 2019. Latest Update On The Current Housing Market – May 21, 2020 –Since the onset of COVID-19, forecasts on the housing market run the gamut from optimistic to … They considered holding off on listing, but decided that there was little point in waiting because market demand appears strong and families typically like to settle into a new house well before the start of a new school year. However, as consumers indicated that they expect a moderation in economic activity in 2020, the housing market is likely to reflect the economic headwinds. Read more on business and sign up for our business newsletter. Those decisions, together with Michigan's temporary restrictions on the real estate industry during late March and April, exacerbated the low inventory situation in the housing market that has persisted for several years. However, those who enter forbearance on their current Fannie Mae or Freddie Mac-backed mortgage may need to show a period of on-time payments before they qualify for a new mortgage. The Accuracy of the Trend Prediction for Detroit is 76%. Low inventory, they say, will drive up prices. They began house hunting for places under $160,000 in Detroit, Ferndale and Hazel Park shortly after Gov. Before the COVID-19 outbreak in Michigan the housing market had strong momentum through the middle of March, and experts expect a strong bounce back once the stay home order is lifted due to pent up demand. "It is not always the case that a recession means home prices are going down," said Mark Zawaideh, CEO of MARK Z Real Estate Experts. At that level, the market offers a 6.6-months supply of houses for buyers. Those in the lending industry say there has been only a modest tightening of requirements for mortgage approval, and borrowers who are still employed and have 630-plus credit scores should be OK. Sales of existing homes … Among the key housing market predictions for … Low mortgage rates, which have partially fueled this demand, fell even lower. “Buyers might think sellers are desperate and they can get 20% off the house, and they are finding that sellers aren’t.". The coronavirus crisis and its related recession have yet to cool Michigan's Up North vacation home market, which real estate agents say is seeing strong interest from … Updated quarterly. Source & Methodology. Since the coronavirus is causing some sellers to take their homes off the market—during what was already considered a housing shortage—Yun doesn’t expect home prices to drop in 2020. “The sellers did portray it on their Zillow ad with some very nice photos, and the photos did a very good job," he said. By Devon Thorsby, Editor, Real Estate April 2, 2020, at 4:43 p.m. More. The median listing price per square foot was $170. More: Amid pandemic, buyers are shopping for Michigan houses sight unseen. Contact JC Reindl 313-222-6631 or jcreindl@freepress.com. All rights reserved. and last updated 2020-04-19 18:35:59-04. November 13, 2020 by Marco Santarelli Here are the updated housing market trends & predictions for 2020 & 2021. Those decisions, together with Michigan's temporary restrictions on the real estate industry during late March and April, exacerbated the low inventory situation in the housing market … The figures define metro Detroit as Wayne, Oakland, Macomb and Livingston counties and do not include private sales or for-sale-by-owner transactions. Though inventory has lagged behind demand, property values had seen steady increases over … For now, real estate agents report seeing many sellers get full asking price — or better — for their homes, and houses under $500,000 are often fielding multiple offers. Learn more. The real estate industry reacting quickly to the coronavirus, creating a workaround to show properties. According to RE/MAX, housing sales … Date(s) & Update Frequency: Home Values, Rents: Reflects Q2 2020. Housing Market Expectations in 2020. That same data-set shows about a month-and-a … Ann Arbor, MI MSA. '' she said industry reacting quickly to the coronavirus, creating a workaround to show properties rentals in a region. Photos and virtual showings of properties before Gov, '' she said,. For sale seen both ups and downs lately 12 Fannie Mae agrees, forecasting a median existing-home of... Sales or for-sale-by-owner transactions real estate markets of all 50 U.S. states and the of... 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