Over the past several years, the real estate market in Michigan has been at an all time high. While it is a sellers market with strong competition between buyers, there are still many opportunities for the new home buyer to purchase a home at historically low interest rates. The real estate market is especially hot in the Metro-Detroit Area, which is seeing homes selling within days of their listing. The Detroit area is currently one of the most popular areas in the country due to not only expanding work and business opportunities, but also a wide range of entertainment and recreational amenities.
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About the Metro-Detroit Area
The Detroit Metropolitan Area consists of the nine counties of Genesee, Lapeer, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw and Wayne. This area covers approximately 5,814 square miles with a population of just over 5.3 million residents. The majority of the population in Metro-Detroit is centered in Oakland, Macomb and Wayne Counties, with 3.8 million residents and covering 1,967.1 square miles. Most people looking to purchase a home in the Detroit area look in these three main counties due to their proximity to work, entertainment and recreational opportunities.
Metro-Detroit and the Southeast Michigan area in general boost excellent recreational and entertainment opportunities for all different types of sportsmen, cyclists, golfers and sports fans. Michigan’s State Park system offers over a dozen different parks in the area that give residents the opportunity to enjoy hiking, mountain biking, horseback riding, hunting and fishing. Additionally, the Huron-Clinton Metropark system offers 13 different metroparks in Wayne, Oakland, Macomb, Washtenaw and Livingston counties. One of these, Kensington Metropark, offers one of the finest golf courses in the country, as well as a disc golf course, sledding/toboggan hills, and extensive biking and hiking trails.
The Detroit area has multiple professional and college sports teams for those who are avid sports fans. Infact, Detroit is the only city in the U.S. to have MLB, NFL, NBA and NHL teams all play within its downtown district, and is only one of four U.S. cities where these teams play within the cities of their namesakes. Additionally, the Greater Detroit and Southeast Michigan area has a wide array of NCAA college sports teams from each of the area’s major colleges. For those interested in cultural, musical and artistic forms of entertainment, the Detroit Institute of Arts, Fox Theatre, The Fillmore Detroit and DTE Energy Music Theatre offer a wide array of options.
Top Areas in Metro-Detroit
While the real estate market in the Metro-Detroit area as a whole is booming right now, there are several areas which stand out as especially strong in home sales. One of these areas is Livonia, located in the northwestern portion of Wayne County. Livonia is especially popular with millennials and young families, due to its affordability, safety and central location within the metro area. The median home sale price is currently $225K, which is an increase of 4.7% over the 2019.
Novi is another city in the Detroit Metropolitan Area that stands out for its strong real estate market. This city has experienced record growth due to its thriving retail, food and entertainment districts. Like Livonia, Novi real estate is strong due to it’s family friendly environment along with one of the best school districts in the country and is a hotbed of professional business opportunities. Novi is one of the more affluent areas of the metro area, with the average sale price of a home hovering around $369K.
Towards the outer region of the Metro-Detroit area is the community of Holly, which has seen record growth in recent years. Located in the northwest corner of Oakland County, Holly offers a family friendly environment in a more rural setting, while still having easy access to the metro area’s extensive highway system. The media sale price today for a home in Holly is $160k, which is an increase of over 11% compared to 2019.