JACKSON, Mich. (WLNS) — After years of recovery, it looks like the housing market is finally bouncing back in mid-Michigan.
One community that’s doing especially well is Jackson.
Home prices have gone up over the past year, leading to a healthy real estate market in the area.
Susie Mohlman, the president of the Jackson Area Association of Realtors says 2016 was a record year for realtors.
“Overall, it’s a hot market. It’s a very good time to buy and sell,” Mohlman said.
The latest figures from 2016 confirm this growing market.
The Jackson Area Association of Realtors says home prices in Jackson County climbed 3 percent last year.
The financial website CoreLogic has homes in the city of Jackson up by 1.2 percent.
Mohlman says several factors are driving up costs.
Jackson is seeing very few new homes being built.
And the stock of existing homes is being impacted by demolitions.
Last year, the city spent millions of dollars in federal funds to tear down hundreds of blighted properties.
“We have fewer homes on the market, we have more buyers. It’s a great market right now to purchase so it is pushing up the home sale prices,” Mohlman said.
The number of listings in Jackson County has gone down by 9 percent.
Mohlman says it’s possible that people are still reluctant to sell following the recession.
While Jackson hasn’t fully bounced back, she says it’s still a good time to put a “for sale” sign.
“We are seeing homes sell quickly; we’re seeing multiple offer situations. People are very happy with where it is right now,” Mohlman said.
Mohlman says we’ll most likely see prices increase in 2017.
But compared to other cities, Jackson has affordable housing and the increases will be gradual.