If you’re planning to buy or sell a property in Kalamazoo MI, you’ve probably noticed that the housing market is hot. Houses are selling fast, and some buyers are saying that the prices are too high. But are they really? In this blog post, we’ll take a closer look at the Kalamazoo MI housing market, including some local market statistics, to help you better understand the current situation.
Local Market Stats
According to data from the Greater Kalamazoo Association of REALTORS®, the median home price in Kalamazoo County increased by 14.5% from 2019 to 2020. Additionally, the number of homes sold increased by 4.4%. These numbers indicate that the demand for housing in the area is high, while the supply is low.
What's Driving the Market
One of the main factors driving the Kalamazoo MI housing market is the low supply of homes. With fewer homes available, competition among buyers is fierce, driving prices up. Additionally, the COVID-19 pandemic has caused many people to re-evaluate their housing needs, leading to increased demand for larger homes with more outdoor space.
In addition to the factors mentioned earlier, the recent growth of the job market in Kalamazoo and Portage has also contributed to the low supply of homes in the area. Large companies such as Stryker and Pfizer have been bringing more jobs to the region, attracting more people to move to Kalamazoo and the surrounding areas. With more people looking for homes, the already limited supply of homes in the area has become even more scarce.
The demand for housing in Kalamazoo and Portage has grown even stronger during the COVID-19 pandemic, as many people have been working from home and spending more time in their homes. This has caused many homebuyers to prioritize larger homes with more outdoor space, as they look for more room to work, exercise, and entertain. As a result, homes with features like home offices, large yards, and outdoor living spaces are in particularly high demand.
Despite the challenges that buyers may face in the Kalamazoo MI housing market, there are still opportunities to find a great home at a fair price. Working with a knowledgeable real estate agent who understands the local market can help you navigate the competitive market and find a home that meets your needs and budget.
Why the Prices are Justified
Despite some buyers saying that houses aren’t worth the current prices, the reality is that the prices are justified by the market forces of supply and demand. As the local market statistics show, the demand for homes in Kalamazoo County is high, and with the limited supply, prices will continue to rise.
Adjusting to the Market
If you’re a buyer in the Kalamazoo MI housing market, it’s important to adjust your expectations accordingly. You may not be able to find the perfect home at the perfect price, but you can still find a home that meets your needs and fits within your budget. Working with an experienced real estate agent like the Zac Folsom Group can help you navigate the market and find the best options.
The Kalamazoo MI housing market is hot, and prices are going up. However, this doesn’t mean that the prices are unjustified. The low supply of homes and high demand are driving prices, and buyers and sellers need to adjust their expectations accordingly. By working with a knowledgeable and experienced real estate agent like the Zac Folsom Group, you can make informed decisions and find success in this dynamic market.