Metropolitan Statistical Area (MSA):
Midland, MI is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the housing market in the Midland, MI metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching an all-time high in 2006, home prices in the MSA plummeted during the Great Recession and have only recently begun to rebound. Despite this volatility, there are some trends that can be observed in the Midland housing market that may provide clues about where it is headed in the future.
One trend that is apparent is that home prices in Midland are still well below their pre-recession peak. This could mean that there is still room for prices to grow as the economy continues to improve. Additionally, foreclosures and short sales have made up a large percentage of sales in recent years, but this appears to be changing. In 2016, only about 10% of homes sold were foreclosures or short sales, down from nearly 30% just a few years ago. This suggests that more traditional buyers are entering the market, which could lead to further price increases.
Another trend worth noting is that new construction activity in Midland has picked up significantly since hitting bottom during the recession. This is likely due to increasing demand from buyers who are being priced out of existing homes. If this trend continues, it could help alleviate some of the upward pressure on prices and help keep them from rising too quickly.
Overall, there are many factors at play when trying to predict where the Midland housing market will head next. However, if current trends continue, it seems likely that home prices will continue to rise as more buyers enter the market and new construction activity helps meet this demand.