Two Michigan cities rank among top 101 best real estate markets, per new report

The real estate market is hot right now in Michigan, with listings getting multiple offers and selling for over the asking prices in just days. In many Michigan communities, the pace of sales is hitting a record: in the Dearborn area in June, homes stayed on the market for 13 days, down from 28 the year before, according to real estate data service Realcomp.

This trend in Michigan is mirrored nationwide. The national market reached what the National Association of Realtors called “crisis-level” this year. The study, called “Housing is critical infrastructure”, found that the U.S. is in the midst of an “underbuilding gap” of around 6 million housing units dating back to 2001.

“It was only 10 years ago coming out of the recession that the market was turning,” Jeff Duneske of Duneske Real Estate Advisors told MLive. “It just hasn’t stopped and the reality is, it’s not going to stop anytime in the future. When you’re down to a one-month supply, I’m concerned we could run out of homes for sale. Things are flying off so fast. The market can’t sustain it.”

Record-high home prices and historic low levels of listings keep the pressure on anyone seeking to buy a house this summer, but home prices and rental rates vary widely across the U.S. based on supply and demand and more.

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Personal finance website WalletHub examined the best and worst real estate markets across the county based on this supply and demand in a report released today.

Two Michigan cities rank among the top 101 best real estate markets.

Of the 300-city report, Grand Rapids ranks at number 70 for best real estate market and Sterling Heights ranks at number 101.

Two key dimensions, including 18 metrics, were used to rank 300 markets. Those dimensions were “Real-Estate Market” which included median days on the market and foreclosure rate as metrics and “Affordability & Economic Environment” which included metrics like housing affordability and population growth rate. 

Each market was ranked on a 100-point scale, 80 of which went to the Real-Estate Market dimension and 20 of which went to Affordability & Economic Environment. Data used to create this ranking came from the U.S. Census Bureau, the Bureau of Labor Statistics, the Council for Community and Economic Research, Zillow, TransUnion, Chmura Economics & Analytics, The National Association of Realtors, ATTOM Data Solutions (RealtyTrac) and internal research to WalletHub.

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