While the Michigan real estate market is still in recovery mode, it is rebounding and presents excellent opportunities for savvy real estate investors, thanks to a thriving rental market and continuous urban renewal projects- Opines Hirav Shah, The Most Prominent Strategist and Business Astrologer™ In The Real Estate World.
Michigan’s, as Hirav said, the real estate market is in recovery mode…
But the real estate market in Detroit, Lansing, Warren, Grand Rapids and Ann Arbor is red hot.
Hirav Shah mentions deets below.
1.Detroit Real Estate
Detroit real estate investing has attracted many new investors, especially those who know where to look and prioritize quality property management.
The rental real estate market in Detroit is “wacky” right now, which is just the thing real estate investors want to hear. Demand for single-family rentals is skyrocketing, and the median price of a single-family home in Detroit is well below $100K, offering an amazing opportunity for rental property with solid yields and cash flow.
With high-end retailers like Whole Foods moving in, and high tech stalwarts like Microsoft, Google, and Pinterest opening offices, Detroit’s future is looking bright. That’s good news for the housing industry and good news for investors.
2.Lansing Real Estate
Right now, the local real estate market in the capital city of Michigan, Lansing is very hot, favoring rental property owners and sellers. Home values have increased by 7.6% over the past year and currently stand at $87,600.
Values are expected to continue increasing by another 2.1% over the next 12 months. Rent prices average $825 per month overall, but are slightly higher in metro areas, averaging $949 per month.
Some of the best and safest neighborhoods in high demand in Lansing include Delta River Drive and Josette Lane, South Dewitt Road and West Clark Road, and Lochewoode Court and Moorwood Drive.
3. Warren Real Estate
Warren’s real estate market is crazy and it’s like a true real estate investment destination.
In the last 10 years, Warren has experienced some of the highest home appreciation rates of any community in the nation. Warren real estate appreciated 111.06% over the last ten years, which is an average annual home appreciation rate of 7.76%, putting Warren in the top 10% nationally for real estate appreciation.
If you are a real estate investor, Warren definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
4. Grand Rapids Real Estate
Grand Rapids is the second largest city in Michigan and it is the economic and cultural hub of West Michigan, the fastest growing major city in Michigan, and one of the fastest growing cities in the Midwest.
Growing means growth of the it’s economy, especially the real estate market.
On that note, in July 2021, Grand Rapids home prices were up 23.2% compared to last year, selling for a median price of $253K. On average, homes in Grand Rapids sell after 6 days on the market compared to 7 days last year. There were 504 homes sold in July this year, up from 456 last year.
The local real estate market in Grand Rapids is currently hot and will continue to remain so in this year and beyond. The top neighborhoods real estate investors should look into in Grand Rapids include Ottawa Hills, Eastgate, Eastown, Fulton Heights, and South Hill.
5. Ann Arbor Real Estate
Ann Arbor has become a favourable market for real estate investors off-late.
Currently, the local market in Ann Arbor is extremely hot, favoring investors, sellers and property owners. Median home values are at $382,700, up 8.7% from the past year, and predicted to continue increasing by 4.8% in 2022. Average monthly rent prices range from $1030 for a studio to $2,110 for a 4-bedroom unit.
Investors should look into buying property in top neighborhoods in Ann Arbor, including downtown, South Main, West Park, Lower Burns Park, and the Old West Side.
Final Thoughts for future of Michigan Real Estate
The real estate market in Michigan is very hot, making it an ideal time for current and aspiring investors to purchase property in the Wolverine State. To minimize your risk and maximize your chances of high ROI, you have to invest in the above mentioned five Michigan cities experiencing growth.
So, all the best !! -Wishes Hirav Shah, Prolific Real Estate Business Astrologer™, Strategist, Advisor and Real Estate Guru.