A small number of down-river communities have countered the slowdown in April home sales, with uptrends in Allen Park, Grossil, Taylor, and especially Melvindale.
“A small city with a big heart” and about 10,300 residents showed eye-catching results. This is above the down river area in terms of closing growth and median.
In the Melvindale market, closing prices and prices rose by double digits for the first time in three months. Compared to April 2021, Melvindale:
• Closing increased by 12.5%, according to RealcompII Ltd., Michigan’s largest multiple listing service (9). Sales of 12 Melvindale homes in February ended compared to 5 in the same month of the previous year.
• According to Realcomp, the average price of Melvindale homes in April was $ 129,000, up 15.2% from the same month last year. In February, the median price reached $ 130,000.
During the declining spring sales season, which is still evolving, the real estate market is adapting to tight inventories, rising interest rates, competitive buyers, and volatile economies.
Karen Kage, Chief Executive Officer of Realcomp II Ltd, said: A new home in fierce competition. “
According to Realcomp, total sales in the down river area in April decreased by 13.9% (334 compared to 388 in the same period last year). The average price of down river homes rose 7.6% to $ 170,000.
According to Re-Max in Southeast Michigan, downriver closures fell 50 to 276 in April from the previous April.
According to Realcomp, the down river area ended in April, with 325 units for sale, compared to 339 units in the previous year.
Jeanette Schneider, president of Re / Max in Southeast Michigan, said rising interest rates “affected some buyers, especially first-time buyers who had to adjust their location purchase prices to fit their budget. I have. “
For real estate professionals, Melvindale’s momentum is affordable housing in the city for first-time rent-tired homebuyers and convenient access to Detroit and Down River when gas prices rise. I thought it was due to the heightened awareness of.
Tracey Solomon, a realtor at Flatlock’s Re-Max Masters, said:
Rae Guajardo of Re-Max Masters said that Melvindale’s easy access to I-75 and I-94 is appealing to home shoppers looking for a convenient commute to work in Detroit as gas prices continue to rise. I said it was a target.
Guajardo, a five-year real estate veteran, said the city has become more attractive with proven emergency services and significant improvements to Melvindale Street.
Most months, less than 10 homes are sold for 2.75 square miles in Melvindale. According to Re-Max, it was the highest in the last two years, 14 in September 2020 and 12 in December 2021.
The Allen Park market in April increased by 19.4% year-on-year to 43 in April. According to Realcomp, the median price rose 9.2% to $ 190,000.
Other April Winners Reported by Realcomp:
• GrosseIle increased its closing price by 31.3% to 21 and its median by 10.9% to $ 390,000.
• Taylor’s closing price rose 12.5% to 63 and the median rose 16.3% to $ 146,000.
Danbury, Trenton’s Four Seasons Realty, said the down-river area was “quite stable,” with sales at the end of April rising from 339 a year ago to 345.
• According to Realcomp, the average price of down river condos in April was $ 170,000, compared to $ 158,000 in the previous year. For the first four months of the year, condos averaged $ 143,000, up 1.4% from the year-ago quarter.
• Inventories of homes for sale decreased in April year-on-year. According to Realcomp, there were 325 homes for sale this month and 339 last year.