Michigan Fastest Growing Areas and Trends
August 15, 2022
There are 7 communities in Michigan that have seen a considerable rise in both home prices as well as population.
1: Rockford - This city has seen a 13.9% year-over-year growth rated. The home prices as compared to the same period a year ago are up 15.6%. The average sale price is $370,000. They are also selling on average 6% over asking price and in less than 5 days.
2: Auburn Hills - This city has seen a 13.3% year-over-year growth. Home prices are up 13.5% with the average selling price being $244,000.
3: Novi - The homes in this city are on average selling in under 7 days with the median price of $363,000. This city has seen a 12.3% growth rate as well.
4: Coldwater - The average sales price for homes in this city as compared to the same period a year ago was $168,000 and is a 9.8% year-over-year increase. The growth rate for this year is also 11.1%.
5: East Grand Rapids - Home prices are only up 1.9% as compared to the same time last year. The area in comparison has seen a 10.4% growth rate and the average sales price was $573,000.
6: Chelsea - This city has seen a large increase in average sale price being up 33.1%. The average price is $410.000 and has grown by 10.3%.
7: Frankenmuth – This quaint and unique city known as “Little Bavaria” has experienced a 9.1% growth rate in the last year. Homes had a median home price of $246,000 which is down 29.7% as compared to the same period a year ago.
Source - https://www.aceableagent.com/blog/michigans-fastest-growing-markets-and-trends/