For those looking to buy or sell a home in Washtenaw County, there is a mixed bag of news on the real estate front. The latest numbers show it is still a sellers' market, but there are improving signs for buyers as well.
In the mixed bag of news in Washtenaw County, housing sales are down, which is good for the buyers because that means less competition.
But, at the same time, the prices for those houses are continuing to go up. The median home price in Washtenaw County went up to $410,000 across the county.
So how can there be fewer people looking for homes, but the prices going up? Tracy Rose, president of thelocal realtors’ board, says it all has to do with inventory of homes out there, which dropped some 34% since this time last year.
"So, the new listings are down. Closed sales are down because there are less houses being sold. But we still have buyers, so that has caused prices to go up."
She expects to see an increase in home buying as the fall begins.
Non-commercial, fact based reporting is made possible by your financial support. Make your donation to WEMU todayto keep your community NPR station thriving.
Like 89.1 WEMU on Facebook and follow us on Twitter
Contact WEMU News at734.487.3363 or email us at studio@wemu.org
