Metro Detroit's luxury-home real estate market was the best this past year in at least a decade, and there are few to no signs of slipping, according to Crain's. While gathering data from local agents and multiple listings service Realcomp II Ltd, Crain's reported that the number of metro Detroit homes on the market between $1 and $2 million increased year-over-year from 478 in 2014 to 597 in 2015. Those same listings also were on the market in the same amount of time as last year, 76 days on average. Despite the strong year, local agents told Crain's that there have been few to no bidding wars or multiple offers for luxury homes.
Locals were the most common homebuyers in metro Detroit, but there has been an uptick in buyers from other regions, reported Crain's. When paying for homes in 2015 that cost at least $1 million, 40 percent of buyers paid in cash, which Crain's attributes to low interest rates and a seemingly unwelcome stock market.
When it comes to where the most interest has been for homebuyers, Crain's reported that 67 percent of multi-million dollar sales this past year were located in Birmingham. Meanwhile, the highest number of newly constructed luxury homes since 2012 were found in Oakland County, Bloomfield Township, Bloomfield Hills, and Franklin Village. The characteristics that helped multi-million dollar listings sell the most were if they were located close to town or in town, in a good move-in condition, or near the waterfront. Having a large amount of acreage wasn't as big of a selling point as it used to be.
Be sure to check out Crain's article here for more data.
· Million dollar deals: Metro Detroit's high-end home market sees best year in a decade [Crain's Detroit Business]