Back HomeHow’s the real estate market in Paradise?
Paradise is a treasure trove of value real estate situated in an area blessed with magnificent natural beauty. Here, you’ll find a wide variety of vacation homes, cabins & lakefront cottages as well as acreage lots that are located in gorgeous locations that feature the best of what the Great Lakes region has to offer. Curious about the state of the market in Paradise? Read on for the latest updates:
Overview
The median listing price of homes found in Paradise for the fourth quarter of 2014 is at $135,000 while the median sales price is at $130,000. According to the latest data presented by Homefacts.com, the average listing price of homes in Paradise has gone down $4,900, representing a 3.5% drop in home prices in the area from prices recorded in the previous quarter. The median sales price, on the other hand, has remained the same since August.
Foreclosure Update
According to the Michigan State Housing Development Authority, there has also been a significant decline in foreclosure filings all over Michigan that we can expect to continue as the year progresses. This is partly due to the state’s initiative of assisting homeowners whose properties are likely to be foreclosed on.
With foreclosure prices declining all across the country, Paradise experienced a $3,900 decrease in its foreclosure median price, with prices dropping 7.82 percent from those recorded in the previous quarter.
Michigan’s Burgeoning Real Estate Market
2014 was projected to be a great year for Michigan’s housing industry, with consumer demand gaining strength as the economy continued its recovery from the 2008 recession. The construction of single-family homes has increased significantly all over the state in order to meet the demand of consumers.
Scott Woosley, the Executive Director of the Michigan State Housing Development Authority, says that one of their main concerns as we look ahead into the future is sustaining the growing demand from buyers, which is a good sign for home sellers in Paradise.