When it comes to finding the best of the best in Michigan real estate, focus on new construction. Much of Michigan is seeing significant demand from buyers for new homes, which is a significant change from homes just a few years back. However, there are dozens of projects taking place throughout the state. To find your ideal home, you'll need to take the time to find the right area first. Consider a few key recommendations in your new construction search.
Improving Economic Conditions in Some Cities Is Spurring Development
Many areas of Michigan are seeing significant economic improvement. This is a key factor in the development of new homes in many residential areas. Key areas where this is occurring include:
- Ann Arbor
- Grand Rapids
These areas have seen improvement in jobs, the reduction and removal of blight, improving foreclosure numbers, and significant growth in personal income. All of these factors are driving forces behind the demand for new construction.
What Type of Construction You'll Find
A wide range of home styles are being built. Though 10 years ago you may have seen these cities only building luxury real estate, that's not the case any longer. More affordable housing options including single-family homes around 1500 to 2000 square feet are dominating the market. Most new construction is single-family homes, which is significantly different than in other communities also experiencing new growth but in the area of townhomes and condos. Another key style showing promise here is the development of luxury homes along golf courses. In fact, homes with luxury amenities are growing in demand by Michigan's older buyers.
Home values are improving in much of Michigan as a result of these new developments. For those in areas like Detroit, where home values for new construction are only around $200,000, or areas of Ann Arbor and Grand Rapids where values have climbed to $400,000 or more, new construction is the ideal investment for families.
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