2 Michigan cities named as hottest neighborhoods for real estate
Grand Rapids, Livonia make Realtor.com list
GRAND RAPIDS, Mich. – Two Michigan cities are among some of the hottest neighborhoods in the country, according to Realtor.com.
Grand Rapids topped the list, while Livonia was named the sixth hottest neighborhood.
Here's what the website had to say about the Michigan cities:
ZIP code: 49505 (Creston)
Median price: $178,050
Median days on market: 10
Grand Rapids is reigning supreme for the second year in a row thanks to an influx of new residents, particularly younger ones. They've transformed the former industrial town into something of a hipster mecca, filled with craft breweries and cool brew pubs. (Hey, it isn't called Beer City USA for nothing.)
The Creston area is in high demand due to its location just above downtown, plethora of parks, Kent Country Club, and good public schools. The inexpensive real estate is also a big draw for cost-conscious, first-time home buyers. (This is the first time this ZIP made the list, as last year one in the southern portion of the city topped the ranking.)
"There's a lot of cool, little communities in that area," says real estate broker Michael Ross of Grand Rapids Realty. "It's up-and-coming and growing."
The area mainly offers suburban-style, single-family houses with backyards starting around $120,000. But prices are rising fast. They're up 11.3% year over year.
"Grand Rapids has a lot going for it. It's superaffordable," says Hale. "Younger buyers are coming in waves."
ZIP code: 48154
Median price: $254,950
Median days on market: 17
Those who enjoy the cultural amenities of Detroit, but don't want to live in the city as it continues to undergo a resurgence, are opting for suburbs like Livonia. The oasis of single-family homes with green lawns is just 20 minutes from the Detroit Institute of Art and the historic Eastern Market. It's also near many of the area's employment hubs such as the Ford Motor Co. headquarters in Dearborn.
But with more buyers discovering the area and more newly constructed homes going onto the market, there's been a bump in prices. They shot up 6.2% year over year, according to Realtor.com data.
"It's right in the center of Livonia," says real estate broker Brian Duggan, of Duggan Realty. "There's more shopping... There's more events happening in that section."
Most of his clients are in their 30s and 40s buying newly constructed three- or four-bedroom homes in the $320,000 range.
However, there are still plenty of bargains in the area. Folks can snag ranches starting in the low $100,000 range. This four-bedroom, one-bathroom ranch with an enclosed sunroom, deck, and two-car garage is going for $129,900.
Those who don't want to deal with home maintenance may prefer a condo. This 1,800-square-foot, three-bedroom, 2.5-bathroom brick condo with a fireplace is listed at $195,000.
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