Metropolitan Statistical Area (MSA):
There is no doubt that the real estate market in the Cadillac, MI metropolitan statistical area (MSA) is booming. The combination of a strong economy and low interest rates are fueling this growth, and there are no signs of it slowing down anytime soon.
The median home price in the Cadillac MSA has increased by nearly 8% over the past year, and is now just over $200,000. This is well above the national average of just under $190,000. The average price per square foot has also increased, from $115 to $122.
There are a number of factors driving these trends. First, the economy in Michigan has been strong lately, with job growth outpacing the national average. This is attracting new residents to the state, which increases demand for housing. Additionally, many people who already live in Michigan are moving to Cadillac because it offers a lower cost of living than other parts of the state. This also drives up demand.
Finally, interest rates remain at historically low levels. This makes buying a home more affordable for many people and encourages investment in real estate. With all of these factors working together, it's no wonder that prices are on the rise in Cadillac!
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