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How much has the average house decreased in value in the last 2.5 years in Michigan

Wed Apr 16 2008, 07:30 - 48843 - Market Conditions - 9 answers
 
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Joe Bach
Home Seller
in Howell
Joe Bach, Home Seller in Howell in Howell
Answers (9)
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Derek Bauer was FIRST TO ANSWER
Hi, Joe.
As a Realtor in Livingston County the prices of homes have decreased less here than in any other county in the State of Michigan. In 2007, Livingston County is still the fastest growing county in the State of Michigan. No other county can claim that position. I'm willing to discuss this with you if you have some questions concerning the housing market. Craig

Thu May 8 2008, 10:23
 
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Joe, Consumers can verify the average value decrease in their homes on the Michigan Association of Realtors website http://www.mirealtors.com Consumers should click on News from the top menu and then Housing Statistics. http://www.mirealtors.com/news/housingstats.html


Information goes back to 1988 and is sorted by Multiple Listing Service. In your case, this would be Realcomp.

If you are just interested in the value decrease of your home in Howell, I have information going back to March 2006 available on my computer for 2, 3, or 4 plus bedroom homes in Livingston County. Email me privately through Trulia and I will send you the information. No cost or obligation.

Wed Apr 16 2008, 09:38
Web Reference: http://www.mi-living.com
 
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I would say this is definitely specific to each market. It's hard to blanket the whole state with an answer. I've heard big differences even from county to county, so I would suggest talking to an agent in your county or to the register of deeds. I think they keep stats like this too.

Wed Apr 16 2008, 08:21
 
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Joe, like others have said, it depends on the area. In Washtenaw, about 14% average. But, in certain area's, like Ypsilanti or Manchester over 20%.

Wed Apr 16 2008, 08:19
Web Reference: http://SearchAnnArborHouses.com
 
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Working in the Northern Michigan market, we've seen stability in the lower ranges (under $140K), drops of around 8% in the lower average to higher mid ranges ($140K to $400K) and larger drops of over 10% in homes priced over $400K. Our area, while a bit slower, has not been "hit" as hard in this economy as lower Michigan has.

Wed Apr 16 2008, 08:11
 
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Joe- that is hard to answer because home values are very market specific but in Mid Michigan where I work I have seen home values decline up 20% (some more).

Wed Apr 16 2008, 08:05
Web Reference: http://www.sonyaloose.com
 
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I focus on the the city of Detroit's market as far as condos and homes in established communities. And I have seen drops anywhere from 20% to 35% in some areas.

Wed Apr 16 2008, 07:58
 
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Around 30%. In some areas properties are marginally higher than 2004 Market.

Wed Apr 16 2008, 07:54
 
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FIRST ANSWER
Good morning, Joe!

That's a tough question to answer, but across the board, it is not uncommon to see 30% or more value changes in the last 2 to 3 years. Some areas higher, some lower.

Hope that helps! Enjoy the sunshine

Wed Apr 16 2008, 07:50
Web Reference: http://www.DoorToDreams.com
 
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