It is a Great time to be a property owner in Waterford!
We are all continually bombarded with comments, statistics, and opinions on property values. I will include accurate up to date stats, but let me just sum it up by saying “The Waterford Real Estate Market is on Fire!!”
Home prices and sales are up over last year and inventory is still low for many homeowners who spent the last several years stuck in place thanks to a lack of home equity, this was the year they got to ‘move on’ with their lives. And that’s reason to celebrate!
Currently, Metro Detroit has a two months’ supply of homes, while the Western Michigan area is reporting a 3.5 months’ supply.
Because of this, many sellers continue to receive multiple offers and bids over asking price. This is important because it is reflected right here in Waterford! The Waterford area within the 48329 zip code has experienced a 41% growth in sales over last year this time. The median sales prices jumped over $32,000. Waterford zip codes 48327 and 48328 are close behind. 48327 boasts a 19.23 increase in homes sold over last year while 48329 shows a median home value increase of over $7,000. Waterford is and continues to be a great place to be.