12-Month Growth in Average Sale Price and Average Price Per Square Foot

for Homes Sold - by School District - 2018

For Selected Counties and School Districts in Southeast Michigan
Note: Links in left column link to live housing market statistics on Homeownery.com
                              Average Sale Price
   Dec 2017   Dec 2018   % change 
Livingston Co $267,827 $283,422 +5.82%
Washtenaw Co $293,532 $318,528 +8.52%
Oakland Co  $277,006 $293,883 +6.09%
Wayne Co  $150,874 $160,776 +6.56%
       
Livingston Co     +5.82%
Brighton  $315,891 $335,223 +6.12%
Fowlerville $203,642 $208,116 +2.20%
Hartland $299,154 $317,378 +6.09%
Howell $241,734 $256,039 +5.92%
Pinckney $269,406 $281,402 +4.45%
       
Washtenaw Co     +8.52%
Ann Arbor $357,220 $387,496 +8.48%
Chelsea $279,753 $311,905 +11.49%
Dexter $370,790 $382,936 +3.28%
Lincoln Cons. $215,683 $229,537 +6.42%
Saline $369,576 $389,802 +5.47%
Whitmore Lk $221,024 $242,559 +9.74%
Ypsilanti $155,451 $170,420 +9.63%
       
Wayne Co     +6.56%
Plymouth-Canton $294,261 $313,976 +6.70%
Northville $460,962 $472,367 +2.47%
       
Oakland Co     +6.09%
Bloomfield Hills $508,170 $540,267 +6.32%
Clarkston $305,955 $320,533 +4.76%
Farmington $247,381 $255,060 +3.10%
Huron Valley $309,290 $332,827 +7.61%
Lake Orion $283,435 $294,457 +3.89%
Novi $310,020 $330,383 +6.57%
Rochester $352,532 $380,605 +7.96%
South Lyon $299,616 $315,852 +5.42%
Troy $330,117 $351,195 +6.39%
Walled Lake $266,552 $282,886 +6.13%
Waterford $184,728 $199,580 +8.04%
West Bloomfield $329,620 $340,332 +3.25%
   Avg Price Per Sq Ft
 Dec 2017   Dec 2018   % change 
$141 $151 +7.09%
$164 $178 +8.54%
$143 $152 +6.29%
$93 $101 +8.60%
     
    +7.09%
$152 $162 +6.58%
$122 $130 +6.56%
$144 $152 +5.56%
$134 $143 +6.72%
$152 $163 +7.24%
     
    +8.54%
$208 $221 +6.25%
$156 $167 +7.05%
$165 $182 +10.30%
$119 $128 +7.56%
$167 $180 +7.78%
$139 $148 +6.47%
$104 $122 +17.31%
     
    +8.60%
$149 $156 +4.70%
$168 $174 +3.57%
     
    +6.29%
$167 $177 +5.99%
$142 $155 +9.15%
$124 $131 +5.65%
$148 $156 +5.41%
$142 $147 +3.52%
$149 $160 +7.38%
$150 $158 +5.33%
$140 $150 +7.14%
$151 $159 +5.30%
$141 $151 +7.09%
$123 $131 +6.50%
$130 $137 +5.38%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Observations

When an area’s growth in average price per square foot outpaces the average sale price, there may be one (or more) explanation for it:

  • More likely in an area with a higher incidence of waterfront properties, which tend to have a higher price per square foot (Clarkston, Walled Lake, Waterford, Pinckney).
  • More likely in an area with an abundance of smaller homes.
  • More likely in an area with a lower price point, next to a neighboring area that is in high demand and with a higher price point. The spillover effect from the high-demand, high-price-point community is increasing demand and putting price pressure on the area, because the market can bear the price pressure in the lower-priced community. As I stated in a previous article, Ypsilanti is outpacing Ann Arbor for this reason, especially in average price per square foot (+17.31% growth for Ypsi vs. +6.25% for Ann Arbor).
  • More likely in an area with an abundance of new construction (new builds come at a premium, and the cost to build continues to rise).

 

Livingston County

Above average for average home price are Brighton, Hartland and Howell. Pinckney’s average price per square foot outpaced the Livingston County average, possibly due to the “lake effect,” i.e., higher cost per square foot for homes sold on the lakes, and price pressure for smaller lake homes increasing the average price per square foot with a smaller increase in average sale price.

Washtenaw County

Ann Arbor is as strong as ever for average sale price (+8.48%), but was outpaced by Ypsilanti (+9.63%), Whitmore Lake (+9.74%), and Chelsea (+11.49%), possibly reflecting that there is more room to increase in nearby communities, due to lower average home prices. Notice Dexter’s growth in average home price is lower (+3.28%). This makes sense when you consider that its average home price is already similar to Ann Arbor's. While Dexter's average home price rose a modest 3.28%, price per square foot increased 10.3%. This could be due to new homes in the area (costs more to build new).

Oakland County

Areas outpacing the county’s growth in average sale price include Bloomfield Hills, Huron Valley Schools (Milford area), Novi, Rochester, Troy, Walled Lake and Waterford. Areas outpacing the average for price per square foot include “lake effect” areas of Waterford, Walled Lake, and Clarkston, as well as South Lyon and Novi.

Protecting Your Investment

Whether you are buying or selling your primary residence, investing, or enjoying the benefits of homeownership by staying put for the long-term, Protecting Your Investment is my #1 Priority. Stay up-to-date with home value trends directly from sold data from the MLS at Homeownery.com. These statistics are updated monthly, as new data is reported from the MLS.

To receive updated market trends in my e-newsletter, click here. For more information, or to discuss market trends, don't hesitate to reach out to me at 248-466-0300 OR 1-888-58-LAURA. 

-Laura Abramson