Metropolitan Statistical Area (MSA):
Big Rapids, MI is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Big Rapids, MI metropolitan statistical area (MSA) has been one of the hardest hit areas in the country when it comes to the housing market. The area has seen a decrease in both home prices and sales, as well as an increase in foreclosures. However, there are some signs that the market is beginning to rebound.
One of the most positive indicators is that home prices in the MSA have begun to stabilize. After years of decline, prices finally bottomed out in 2012 and have remained relatively flat since then. This stability is essential for attracting buyers back into the market and encouraging sellers to put their homes up for sale.
Another encouraging sign is that sales volume has begun to increase, albeit slowly. In 2013, there were 1,937 homes sold in the MSA, which was a slight increase from 2012. This trend continued in 2014 with 2,033 homes sold. While this is still below pre-recession levels (there were over 3,000 homes sold annually between 2004 and 2006), it does show that buyers are starting to come back into the market.
Finally, foreclosures have begun to decline in recent years as well. In 2013, there were 542 foreclosure filings in the MSA – a significant decrease from the peak of 1,258 filings in 2010. This trend continued into 2014 with only 486 foreclosure filings. As more homeowners are able to stay current on their mortgage payments, it will help further stabilize prices and encourage even more buyers to enter the market