Michigan


<p>Michigan’s real estate landscape has been as diverse and dynamic as the state’s renowned waterways and urban centers. As we deep dive into the 2023 market trends, notable shifts offer insights valuable to real estate professionals, investors, and potential homebuyers alike.</p>



<h2 class="wp-block-heading" id="h-understanding-monthly-trends">Understanding Monthly Trends</h2>



<p>Throughout 2023, <a href="https://www.realtytrac.com/mi/for-sale/">Michigan’s property values</a> saw a progressive upward trajectory with an average value increment peaking before a mild dip in September. While property values burgeoned, the average <a href="https://www.realtytrac.com/mi/sold/">sold prices</a> began to taper off post-June, touching the year’s minimum in July.</p>



<p>This divergence between property values and sold prices might reflect a market correction in response to buyer demand and lending rates. Compounding this data, the value per square foot also saw comparable growth, marred slightly by a September setback.</p>



<h2 class="wp-block-heading" id="h-distressed-properties-foreclosures-auctions-and-bank-owned">Distressed Properties: Foreclosures, Auctions, and Bank-Owned</h2>



<p>A closer examination of <a href="https://www.realtytrac.com/foreclosure/">distressed properties</a> unveils a spectrum of median values. Foreclosures stood at around $171,041, their per-square-foot value marked at $134. Auctioned properties commanded a higher median, approximately $195,445, with square foot valuations at $151.</p>



<h2 class="wp-block-heading" id="h-active-listings-and-sales-performance">Active Listings and Sales Performance</h2>



<p>Active <a href="https://www.realtytrac.com/mi/for-sale/">listings</a> paint a picture of optimism with median list prices hovering around $233,218. Intriguingly, the recently sold properties not only undercut the median list price slightly at about $229,345 but also showcased a higher sales price per square foot.</p>



<h2 class="wp-block-heading" id="h-overall-market-health">Overall Market Health</h2>



<p>The pulse of Michigan’s overall real estate health resonates with a median market value of nearly $240,657, slightly edging out the complete market median by a marginal difference.</p>



<h2 class="wp-block-heading" id="h-regional-variances-wayne-vs-oakland-county">Regional Variances: Wayne vs. Oakland County</h2>



<p>Diving into county-level data reveals stark contrasts; <a href="https://www.realtytrac.com/wayne-county-mi/">Wayne County</a> being the hub of activity with the highest listings yet a lower median pricing scheme.</p>



<h2 class="wp-block-heading" id="h-state-level-synopsis-and-monthly-counts">State-Level Synopsis and Monthly Counts</h2>



<p>Across Michigan, property <a href="https://www.realtytrac.com/mi/for-sale/">listings</a> hit their zenith in August, whereas October saw the climax of property sales.</p>



<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>



<p>The 2023 Michigan real estate market narrative weaves through increasing property values, adjusting sold prices, and a heterogeneous mix of property indices. As we step forward, data continues to be the guiding star for the ever-evolving realm of real estate.</p>


RealtyTrac Market Report

Market Reports

2023 Michigan Real Estate Market: Analysis Reveals Booming Property Values and Volatile Sold Prices

Explore the nuances of Michigan's 2023 real estate market, where rising property values meet shifting sold prices and distressed properties offer investment opportunities amidst a stable yet competitive landscape.

2023 Michigan Real Estate Market: Analysis Reveals Booming Property Values and Volatile Sold Prices - RealtyTrac

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Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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Manuel Martinez

New York

<p>The city of <a href="https://www.realtytrac.com/market-trends/corpus-christi-tx/">Corpus Christi, Texas</a>, has always been a gem for property investors and homebuyers alike, noted for its unique coastal charm and thriving community. However, recent trends in the real estate market have painted an even more compelling picture, especially for those eyeing long-term investments. Digging into the latest figures, we find that the average property value in Corpus Christi is on the rise, shaking hands with the city’s economic affluence and development prospects.</p>
<figure id="attachment_25329" aria-describedby="caption-attachment-25329" style="width: 1449px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25329" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Market-Report-Corpus-Christi-TX-Mar-2024-House-Prices.png" alt="Market Report Corpus Christi TX Mar 2024 House Prices" width="1449" height="702" /><figcaption id="caption-attachment-25329" class="wp-caption-text">Market Report Corpus Christi TX Mar 2024 House Prices</figcaption></figure>
<p>The real estate landscape in Corpus Christi is riding a wave of growth with average property values steadily climbing. Back in March 2023, the average property value stood at a comfortable $283,908, but this figure gained momentum, rising significantly by February 2024 to an impressive $280,000. This ascent reflects a burgeoning market, brimming with potential and opportunity.</p>
<p>Notably, the rise is not limited to just the overall property values. The average sale price per square foot, a critical indicator of property worth, exhibits a similar, if nuanced, pattern. Climbing from $149 in March 2023, we find it positioned slightly lower at $147 by February 2024. This subtle dance of numbers suggests that larger properties may be pulling the strings, uplifting the market value while keeping per-square-foot prices on a more modest trajectory.</p>
<h3>Nearby Cities: A Comparative Perspective</h3>
<p>When casting the net wider to encompass nearby cities, the real estate melody varies. Bishop, for one, displays a contrasting trend where average property values dipped from $154,700 in March 2023 to $142,000 by February 2024. Kingsville, on the other hand, strikes a more optimistic note with average values jumping from $155,000 to $185,000 during the same period. Such fluctuations underscore the diverse dynamics at play in each locale’s market.</p>
<p>Port Aransas, a coastal sibling to Corpus Christi, stands in a league of its own. With an average property value peaking at $615,000 in September 2023 before settling at $574,950 by February 2024, it outshines the rest. The allure of its coastal appeal, no doubt, enhances its position as a prized real estate haven.</p>
<p>In a direct comparison with its neighbors, Corpus Christi asserts a middle ground in terms of average property values. The city’s average property value of $280,000 in February 2024 overshadows Bishop’s average of $142,000 and Kingsville’s $185,000, cementing its role as a more marked presence in the regional market.</p>
<p>Port Aransas, distinctive with its coastal magnetism, overshoots the average values found in Corpus Christi. This disparity may well be fueled by Port Aransas’ vacation appeal, offering property owners lucrative returns on investment through rental and hospitality avenues.</p>
<h3>Market Stability: Foreclosure and Auction Insights</h3>
<p>While specific counts and average values for these categories don’t present a clear trend, the presence of foreclosures in 0.11% of the market and auctions at 0.089% serves to reassure. These low percentages are indicative of a steady and resilient market, resistant to the waves of economic turbulence that can often provoke property distress. See the current <a href="https://www.realtytrac.com/corpus-christi-tx/foreclosure/">foreclosure listings in Corpus Christi</a>.</p>
<h3>Variations within Corpus Christi: Neighborhood Diversity</h3>
<p>Skimming across the zip code spectrum within Corpus Christi, the diversity in average list prices and per-square-foot values is striking. The 78418 area, for example, boasts a high average list price of $419,900 coupled with a per-square-foot value of $262. In stark contrast, the 78407 zip code hums a different tune with a modest average list price of $105,500 and per-square-foot value of $87. These variances shed light on the segmented nature of Corpus Christi’s real estate market, offering avenues for a range of investment scales and preferences.</p>
<p>Ultimately, the median sale prices and the pulse of property transactions pave the way to understanding market vitality. Sold properties hovering at an average sale price of $216,457, alongside for-sale properties marked at an average of $271,967, narrate a story of a dynamic market. This gap potentially points to a window of negotiation in listed prices or a market disposition favoring more modestly priced homes changing hands.</p>
<p>In conclusion, the real estate market in Corpus Christi, TX, showcases an invigorated rise in property values alongside an engaging picture of stability, diversity, and activity. It’s a canvas that invites a spectrum of buyers, from the cautious investor to the bold developer, each finding their niche in this coastal city’s promising future.</p>


Corpus Christi Real Estate Experiences Tidal Surge in Property Values

The Corpus Christi, Texas real estate market is experiencing a rise in property values, offering potential for long-term investors. The city’s market stability, neighborhood diversity, and promising economic growth present a dynamic environment for various types of buyers.

Corpus Christi Real Estate Experiences Tidal Surge in Property Values - RealtyTrac

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Fix and Flip

<p><a href="https://www.realtytrac.com/market-trends/jacksonville-fl/">Jacksonville</a>, along with neighboring cities Orange Park, Fleming Island, Bryceville, Middleburg, and St. Johns, in Florida, have shown dynamic real estate market trends through 2023. Both home values and sale prices fluctuated month-over-month amidst a backdrop of broader economic conditions, demand and supply trends.</p>
<p>Data analysis of specific monthly trends brings to light some fascinating insights. Our report incorporates key metrics such as average property values, sold prices per square foot, and property counts. These dewpoints help understanding the everchanging landscape of the real estate market in Sunshine State.</p>
<h2>Property Market Trends in Jacksonville, FL</h2>
<p>Jacksonville, being the largest city by area in the contiguous U.S., and the hub of Duval County, paints a vivid real estate picture. Home values have increased over time, peaking around $311,782 in July last year. Though we notice a slight dip by December 2023 to $295,201, the overall movement leans towards growth.</p>
<p><figure id="attachment_25123" aria-describedby="caption-attachment-25123" style="width: 1448px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25123" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/02/Jacksonville-homes-for-sale-2023.png" alt="Jacksonville homes for sale 2023" width="1448" height="557" /><figcaption id="caption-attachment-25123" class="wp-caption-text">Jacksonville homes for sale 2023</figcaption></figure></p>
<p>Parallelly, the average sold price per square foot saw a similar upward stride, reaching $190 in September 2023, before marginally declining to $182 by December 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-25124" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/02/Jacksonville-price-per-sq-foot.png" alt="Jacksonville price per sq foot" width="1452" height="547" /></p>
<p>The property count, however, fluctuates intermittently, spiking to 1,869 properties in August 2023, and then dropping to 213 properties by May 2023. Notably, the property sold count was the highest in December 2022 with 12,063 properties sold, although dipped to 10,882 properties by January 2023.</p>
<h2>Nearby Cities Real Estate Trends</h2>
<p>Between September and December last year average property values dropped from $349,000 to $327,000 in <a href="https://www.realtytrac.com/market-trends/orange-park-fl/">Orange Park</a> while sold prices per square foot maintained stability, hovering around $179.</p>
<ul>
<li>Fleming Island’s real estate market saw a decline in average property values, as they slumped from $484,900 in September 2023 to $450,000 in December 2023. Yet, the average sold price per square foot remained relatively steady in the same timeframe.</li>
<li>In <a href="https://www.realtytrac.com/market-trends/bryceville-fl/">Bryceville</a>, while there was a dearth of average property value data, the average sold price per square foot surged from $187 in September 2023 to $221.5 by December 2023.</li>
<li>Swiveling to Middleburg, there was a slight upswing in average property values from September 2023 to December 2023; climbed from $374,900 to $340,000. Accompanying this, the average sold price per square foot also experienced a little hike.</li>
<li>Finally, St. Johns, showcasing a roller-coaster trend – average property values rose to a high of $594,888 in July 2023, only to descend to $570,000 by December 2023. Another attribute, the average sold price per square foot, saw a decrease during this span, down from $234 in September 2023 to $228 by December 2023.</li>
</ul>
<p>In conclusion, the fluctuating real estate market trends in Jacksonville, Florida, and the surrounding areas through data-centric lenses, uncovers insights often overshadowed by broader market sentiment. Key metrics elucidating fluctuating property values, variable sold price per square foot among others, weave a tale of an evolving, dynamic real estate marketplace in this region.</p>


Jacksonville, FL: Real Estate Market Trends 2023

This blog post provides an in-depth analysis of the real estate market trends in Jacksonville, Florida and nearby areas based on key metrics such as average property values, sold prices per square foot, and property counts. The data reveals a dynamic marketplace with fluctuating property values and varying sold prices per square foot.

Jacksonville, FL: Real Estate Market Trends 2023 - RealtyTrac

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Bank Owned


<p><a href="https://www.realtytrac.com/foreclosure/bank-owned/">Real estate-owned properties</a> – also known as REOs – are foreclosed properties that failed to be sold at auction. REOs can be a great investment for experienced investors and first-time homebuyers looking to secure a property for cheap. REOs are also very common for investors looking to renovate and rent out properties for a passive source of income. </p>



<p>No matter if you’re looking for a primary residence to fix and flip or to rent, here are the pros and cons of investing in REO properties:</p>



<h2 class="wp-block-heading" id="h-pros-of-investing-in-reos">Pros Of Investing In REOs</h2>



<h3 class="wp-block-heading" id="h-pricing">Pricing</h3>



<p>Properties sold at foreclosure auctions are already sold at a discount. REO properties are those that failed to find a buyer in those auctions. For that reason, <a href="https://www.realtytrac.com/resources/what-is-an-reo-property-and-how-to-buy-it/">REO properties</a> are sold at a heavy discount; banks want to get them off their books as quickly as possible. A vacant property will still incur HOA fees, various maintenance costs, and property taxes. </p>



<p>An REO property in a ‘good’ neighborhood can regain a substantial part of its value in a short amount of time. Investors looking to fix and flip a property often consider REO their preferred investment.</p>



<h3 class="wp-block-heading" id="h-no-homeowners-involved">No Homeowners Involved</h3>



<p>One of the biggest factors that can slow down a property sale is the lengthy eviction process of former owners or tenants, especially in judicial states, where every step of the eviction process has to go through the court system. This process can drag on for months – or even years.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="950" height="633" src="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/02/Empty-house.jpg" alt="" class="wp-image-26018" srcset="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/02/Empty-house.jpg 950w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/02/Empty-house-300x200.jpg 300w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/02/Empty-house-768x512.jpg 768w" sizes="(max-width: 950px) 100vw, 950px" /><figcaption class="wp-element-caption">Photo by <a href="https://unsplash.com/@karishea?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash">Kari Shea</a> on <a href="https://unsplash.com/photos/brown-short-coated-dog-on-brown-wooden-parquet-floor-JaWhDrtNlXw?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash">Unsplash</a></figcaption></figure>



<p>However, this isn’t a problem for REO properties. REO properties are already vacant following the foreclosure and subsequent attempt to sell them at auction. That’s not to say it’s move-in ready – most foreclosures and REO properties aren’t – but at least they’re unoccupied, and you can start working on repairs immediately.</p>



<h3 class="wp-block-heading" id="h-free-of-outstanding-taxes-and-liens">Free Of Outstanding Taxes And Liens</h3>



<p>REO properties usually have no liens or encumbrances, as it’s in the banks’ best interest to facilitate any sale. You can still check for defects in the title of a property by hiring a professional or by checking public records for liens on the property.</p>



<h2 class="wp-block-heading" id="h-cons-of-investing-in-reos">Cons Of Investing In REOs</h2>



<h3 class="wp-block-heading" id="h-heavy-competition">Heavy Competition</h3>



<p>This is a tricky one. Demand for REO properties is always high because the price is always low compared to other properties in the area. You will compete with professional real estate investors, house flippers, and even first-time home buyers.</p>



<p>One upside is that if the property <a href="https://www.realtytrac.com/resources/online-bidding/">wasn’t sold at foreclosure</a>, it may need extensive repairs. Some investors may not be interested or have the necessary funds.</p>



<h3 class="wp-block-heading" id="h-typically-sold-as-is">Typically Sold “As Is”</h3>



<p>REO properties are sold ‘as is,’ which means the bank isn’t legally required – or liable – to disclose the state of the property. That means you, as a buyer, must do your due diligence and ensure you know what you’re getting yourself into.</p>



<h3 class="wp-block-heading" id="h-financing-is-restricted">Financing is restricted</h3>



<p><a href="https://www.realtytrac.com/resources/reo-property-financing/">Finding financing</a> for REO properties can be difficult; some banks are reluctant to finance ‘distressed’ properties that need significant repairs. Mortgages are still the most popular option to finance REOs, but if you’re having trouble, it may be worth looking into hard money loans and home equity loans.</p>



<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>



<h3 class="wp-block-heading" id="h-how-to-find-an-reo-in-my-state">How To Find An REO In My State?</h3>



<p>The best way to find REO properties is to look for <a href="https://www.realtytrac.com/foreclosure/pre-foreclosure/">soon-to-be foreclosed properties</a>. Remember that all REO properties were at some point listed as foreclosure and failed to be sold at auctions. That’s why keeping track of online listing services, locally printed publications, or specialized foreclosure websites is a must if you want to <a href="https://www.realtytrac.com/resources/how-to-flip-an-reo-property-for-profit/">invest in REO properties</a>.</p>



<h3 class="wp-block-heading" id="h-what-is-the-number-one-reason-for-foreclosure">What Is The Number One Reason For Foreclosure?</h3>



<p>In the US, the most common reasons for foreclosure are unexpected medical expenses. A close second is loss of job or employment, divorce, and increased home expenses. Some of these are unpredictable, but savvy investors know where to look when a divorce is imminent or when market conditions are shifting.</p>


House in safe neighborhood

Listing Type

Two people negotiating a sale

Tips For Negotiating With REO Property Sellers

Pros and Cons of Investing in REO Properties

A house that has been flipped

How To Flip An REO Property For Profit

Are REO homes the right investment for you?

Pros and Cons of Investing in REO Properties - RealtyTrac

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