Battle Creek, MI Federal Housing Finance Agency Home Price Index (FHFA HPI)

As of September 2020, the Battle Creek, MI, Federal Housing Finance Agency (FHFA) house price index was 154.9. This is a 0.2% increase from the August 2020 index of 154.6. The FHFA house price index is a weighted average of home prices in select metropolitan areas across the United States. The index is designed to provide a measure of changes in single-family house prices and can be used as an indicator of housing market conditions.

Battle Creek's housing market has been strong in recent years, with home prices rising steadily. The median sale price for a home in Battle Creek was $144,900 in September 2020, up from $142,400 in August 2020 and $139,900 in September 2019. Despite the COVID-19 pandemic and associated economic downturn, Battle Creek's housing market has remained relatively strong and stable.

One reason for this stability may be the low interest rates on mortgages. According to Freddie Mac's Primary Mortgage Market Survey®, the average rate for a 30-year fixed-rate mortgage was 2.86% as of October 8, 2020, down from 3.75% one year earlier (October 10, 2019). Low mortgage rates make buying a home more affordable for potential buyers and help to support higher prices for existing homeowners who may be looking to trade up to a larger or more expensive home.

The strength of Battle Creek's housing market is good news for homeowners who have built up equity in their homes through appreciation or by making mortgage payments over time. Homeowners with equity can use it as collateral for loans or lines of credit that can be used for major purchases or renovations, or they may choose to sell their homes and cash out their equity if they are downsizing or moving to another area.