Metropolitan Statistical Area (MSA):
Jackson, MI is a Metropolitan Statistical Area (MSA) comprising counties including Jackson County.
There is no doubt that the Jackson, MI metropolitan statistical area (MSA) has been one of the hardest hit areas in the nation when it comes to the housing market. The area has seen a decrease in home values, an increase in foreclosures and a decrease in new home construction. However, there are some signs that the market is beginning to rebound.
Home values in the Jackson MSA have fallen by nearly 30% since their peak in 2006. However, they have begun to stabilize over the past few years and even show some signs of growth. In fact, according to Zillow, home values in the Jackson MSA have increased by 2.4% over the past year. This is good news for those who are looking to buy a home in the area as prices are still relatively low.
The number of foreclosures in Jackson MSA has also been on the decline since peaking in 2010. This is likely due to a combination of factors such as falling home prices, an improving economy and stricter lending standards. As foreclosures continue to decline, it will help to stabilize home prices and create more confidence in the housing market.
New home construction has also been down significantly since 2006 but there are signs that this may be starting to change as well. According to BuildFax, permits for new single-family homes increased by 9% from 2016 to 2017 and are up even more so far this year. This could be a sign that builders are starting to see more demand for new homes in Jackson MSA which could help boost prices even further.
Overall, it seems that things are slowly getting better for the housing market in Jackson MSA but there is still a long way to go before it returns to its pre-recession levels