Realtor: New Construction Up, Market Still Tight
March 14, 2024
Nik Rajkovic / news@whmi.com
Housing inventories are starting to tick up, giving some hope for those looking to move into the WHMI listening area.
"We definitely have more new construction that's available this year than last year, and there are some more to-be-built listings on the market. So, if someone has patience and they want to go to new construction, there are some options that weren't there last year," says realtor Todd Buckely.
"Overall, it's still a very tight market for buyers. A lot of competition. Sellers are certainly in the driver's seat.
According to Realcomp, there were 145 new homes and 29 condos that came on the market in Livingston County last month. That means values are still sky high.
"The average and the median sale price year-to-date this year in Livingston County is up about five percent higher from where it was last year," says Buckley. "Right around between $375,000-$400,000 for the average price in Livingston County for homes."
Buckley says interest rates have stabilized, but he urges buyers to get their ducks in a row, such as money for a down payment, good credit and pre-approval, before you even start looking.