Good news! Whether you're buying, selling, or staying put, our June market update will encourage you! John and Ben clarify what's happening in Jackson, Michigan real estate so you can make SMART decisions.
1. Average sale price is rising.
Compared to 4 years ago, houses are selling, on average, for thousands more. In May, the average sale price of a pre-owned home was $197,000. Sellers will pull more equity out of their homes now, owners will realize increased value of their property, and even buyers can celebrate because interest rates remain low - it's still a great time to buy.
2. Percentage of sale vs. list price has broken the 100% mark.
On average in May, houses sold for 102% of list price. Buyers, expect to pay at or above list price and to win the home, let us coach you in making a clean, appealing offer. Sellers, take note!
3. New listings/Total houses on the Jackson market
To see the trend, let's compare May 2021 with February 2021, just 3 months past. Only 157 homes were listed that month. Together with homes already on the market, only 188 TOTAL homes were available for purchase in February. In May, 276 homes entered the market, for a total of 442 homes available for purchase. That's an increase of 135% in inventory over February's 188 homes. What this means:
Buyers - you will likely compete with only two or three other buyers, on average, so if you were waiting for a less competitive time to buy, this is it.
Sellers - you can expect 2-3 solid offers, on average, going forward.
Read more about the Jackson, Michigan Real Estate Market right now.
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