When purchasing your home, you need to know about the area that you are investing in. This is especially true when you are purchasing (or building) a higher-end home, because the demand for that home may be limited in some areas more than others. Whether your objective is to purchase the most square footage for the money, or to ensure the maximum resale value down the road, the following comparisons between locations will help you to understand the dynamics of market trends for homes that are over 3,000 square feet for some popular school districts in Oakland, Washtenaw, Wayne, and Livingston Counties (SE Michigan, Ann Arbor, Metro Detroit). 

Data description and limitations: 

  • The following live market statistics represent statistics for single family homes sold that are over 3,000 feet in size. Data is updated monthly, directly from the MLS.
  • Markets vary in the number of waterfront homes that are included. Waterfront properties tend to reflect higher home prices and price per square foot. The following data does not remove the affect of waterfront properties on the sales data. In other words, it includes all of the data for each market (both waterfront and non-waterfront homes).
  • Included are the following schools, followed by their comparison group number(s) in parentheses:
    • Livingston County Schools: Brighton (1,2) Hartland (1), Howell (1), Pinckney (1)
    • Oakland County Schools: Bloomfield Hills (4), Huron Valley (2), Novi (3, 4), South Lyon (2, 3), Walled Lake (2)
    • Washtenaw County Schools: Ann Arbor (4, 5, 6), Chelsea (6), Dexter (5, 6), Saline (5, 6)
    • Wayne County Schools: Northville (3, 4), Plymouth-Canton (3, 5)

Insights

Disclaimer: The charts below represent live data from the MLS, updated monthly. The following summary represents the findings of the data trends at the time this was published, in March 2019.

  • Group 1 (Brighton, Hartland, Howell, Pinckney): For these four Livingston County school districts, Brighton appears to have the most stable market for the larger homes, as reflected in both the average sales price and the average price per square foot, both of which continue to steadily climb. For market stability and return on investment, Brighton may have the edge. That being said, your dollar will go further in the other three markets.
  • Group 2 (Brighton, South Lyon, Huron Valley, Walled Lake): These four neighboring schools districts (Livingston and Oakland Counties) all demonstrate consistent and relatively uniform increases in average sales price for this home category (Brighton and Huron Valley slightly outpacing South Lyon since 2016). Likewise, the increases in price per square foot are remarkably similar in their trajectory, demonstrating consistent home value increases in each market. 
  • Group 3 (Novi, South Lyon, Northville, Plymouth-Canton): We are seeing a slight flattening out of home prices in Novi, Northville, and South Lyon, and while Plymouth-Canton is still a bargain in comparison, the growth in average sales price and average price per square foot is outpacing their pricier neighbors. The average price per square foot makes it clear: there is a premium price for Northville properties, and Novi also demands a premium for location. Your housing dollar will go further in South Lyon and Plymouth-Canton school districts.
  • Group 4 (Ann Arbor, Novi, Northville, Bloomfield Hills): In comparing these four premium school districts, the average price points for larger homes in Northville and Novi look like a pretty good value when compared to Ann Arbor and Bloomfield Hills. This can reflect a larger range of luxury homes in the Ann Arbor and Bloomfield Hills markets. When you consider price per square foot, Novi is the bargain of the group. It's notable that the price per square foot in Bloomfield Hills has increased over the past year, and is now in the same ballpark as Ann Arbor, even with its significantly higher average selling price during the same period.  
  • Group 5 (Ann Arbor, Dexter, Plymouth-Canton, Saline): These are all strong markets for this category. Ann Arbor is costly, but there are great options nearby to consider for someone who works in Ann Arbor. 
  • Group 6 (Ann Arbor, Chelsea, Dexter, Saline): Similar to group five, these are all strong markets and great options for someone who works in Ann Arbor. The dramatic increase in average sale price in Chelsea may indicate an influx of home sales in this category. 

For all markets, working with a knowledgeable Realtor to ensure that you do not overspend for the neighborhood and location is key. For more information or insight, to discuss this data, or to discuss your next move, contact me at 1-888-58-LAURA. 

-Laura Abramson

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Group 1 Schools Districts: Brighton, Howell, Hartland, Pinckney - Average Sale Price - homes 3,000+ square feet

Group 1 Schools Districts: Brighton, Howell, Hartland, Pinckney - Average Price per Square Foot - homes 3,000+ square feet

Group 2 School Districts: Brighton, South Lyon, Huron Valley, Walled Lake - Average Sale Price - homes 3,000+ square feet

Group 2 School Districts: Brighton, South Lyon, Huron Valley, Walled Lake - Average Price Per Square Foot - homes 3,000+ square feet

Group 3 School Districts: Northville, South Lyon, Novi, Plymouth-Canton - Average Sale Price - homes 3,000+ square feet

Group 3 School Districts: Northville, South Lyon, Novi, Plymouth-Canton - Average Price Per Square Foot - homes 3,000+ square feet

Group 4 School Districts: Ann Arbor, Northville, Novi, Bloomfield Hills - Average Sale Price - homes 3,000+ square feet

Group 4 School Districts: Ann Arbor, Northville, Novi, Bloomfield Hills - Average Price Per Square Foot - homes 3,000+ square feet

Group 5 School Districts: Dexter, Plymouth-Canton, Ann Arbor, Saline - Average Sale Price - homes 3,000+ square feet

Group 5 School Districts: Dexter, Plymouth-Canton, Ann Arbor, Saline - Average Price Per Square Foot - homes 3,000+ square feet

Group 6 School Districts: Dexter, Chelsea, Ann Arbor, Saline - Average Sale Price - homes 3,000+ square feet

Group 6 School Districts: Dexter, Chelsea, Ann Arbor, Saline - Average Price Per Square Foot - homes 3,000+ square feet