Home prices in Jackson see double-digit increase

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JACKSON, Mich. (WLNS) — After years of recovery, it looks like the housing market in mid-Michigan is bouncing back.

One community that’s doing especially well is Jackson.

The website CoreLogic says home prices went up 11.6 percent in the city from January 2016 to January 2017.

The Jackson Area Association of Realtors says the housing market looks even better when you include all home sales in the county, which are up 18 percent from last year.

These double digit increases in home prices has Jackson area realtors feeling good.

“It’s getting more back to the old days of where I am giving good news constantly. So it’s been real positive,” said Chris Rankin, President of the Jackson Area Association of Realtors.

The hot market comes from a lack of inventory.

Rankin says not much is being built, houses are being demolished, and people just aren’t selling their homes like they used to.

“When we go out to show houses it gets frustrating for buyers, because we don’t have a great big inventory,” Rankin said

The realtor says Jackson could benefit from new construction, and more homeowners putting up “for sale” signs.

“To predict what’s going to slow it down, there’s not much that does,” Rankin said.

Even if home prices go sky high across Michigan, Rankin says prices in Jackson will most likely stay low.

“Our average sale price is about $130,000 and the state of Michigan is in the upper $160,000s. So Jackson has always been right there for one of the most affordable places to buy homes,” Rankin said.

Rankin says we’re in a sellers’ market, so now is a good time for people to be on the move.

“There’s a good chance that people are going to fight over your house and pay you more than maybe what you’ve expected,” Rankin said.

CoreLogic says home prices rose 6.4 percent in Michigan from January 2016 to January 2017.

That’s close to the national average, which was up 6.9 percent.

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