Macomb County's Diverse Housing Market Factors into Rebound

Metro Detroit house prices climbed more than 20 percent from this March compared to last March, with increases across the board, according to recently released Realcomp statistics.

Macomb County is no exception to the rebound, with real estate experts calling its market diverse and home sales on the rise.

Additionally, the average days on market dropped by 10 days, indicating that houses are moving faster and higher prices than they were last year, Realcomp states.

Darralyn Bowers, president and CEO, ERA Bowers & Associates in Southfield noted, "the primary reason for the positive trend in home sale prices is consumer confidence. As the economy is perceived as stable, home buyers are no longer fearful.

"Demographics continue to grow new family units, first time home buyers, downsizers, upgraders, relocations, and retirees.  These conditions increase demand and demand drives up values," Bowers stated. "In 2012 the amount of housing inventory still exceeded available units. Today the demand far exceeds the number of available properties on the market. This condition results in multiple offers on one property. These conditions unabated will continue to drive up values."

What does this mean for the average home buyer and average home seller? It's becoming a competitive market, she said.  

"Sellers can now place their properties on the market with the conviction that there are plenty of qualified and motivated buyers."

It's also expected that more buyers will be entering the marketplace, as banks deem them eligible for financing.

The local housing scenery, offering a variety of home price ranges, sizes, styles and neighborhood options contributes to growth.

Bowers said, "Macomb County is very diverse and will rebound quickly."