Home prices are up throughout the Ann Arbor Area Board of Realtors® (AAABoR) region. While that doesn't sound like terrific news for buyers, it's good news once they do score a home—and it's "great news" for current homeowners: Your home's equity is rising.
This is happening all over the country, according to CoreLogic’s latest US Economic Outlook. "The average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases," it says.
For Michiganders, that gain is closer to $8,000, better than all surrounding states. The greatest boosts are in California and Washington, which both increased by $29,000.
"The supply of listings is low and the demand is high, which drives prices up," says the AAABoR's Oct. 14 report. "Driving the demand is strong local job growth and low unemployment."
Here's how the changes stack up in the AAABoR's region:
|Sept. 2015||Sept. 2016||% Change|
| New Residential Listings||411 ||384 ||-6.6% |
| Total Residential Sales||336 ||353 ||+5.0% |
| Average Residential List Price||$259,782 ||$275,565 ||+6.0% |
| Average Residential Sales Price||$254,904 ||$270,875 ||+6.3% |
More good news ahead
"CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, contact an agent in your area to discuss your options!" says the Keeping Current Matters blog.
Our agents at Trillium can help you discover your home's value. Get started here.