It’s a seller’s market.
Ask just about any realtor and they’ll tell you: If you’re thinking about selling your house, now might be the time. While no doubt the cause of heartburn for many a homebuyer right now, the COVID-19 pandemic has triggered a record-breaking year for the real estate market. According to a report from the National Association of Realtors
, the “median existing-home price for all housing types saw a record year-over-year increase of 23.6% in May 2021.”
That’s a lot.
Also according to the report, homes typically remain on the market for a mere 17 days.
That’s not a lot.
Homeowners in Sterling Heights should be especially happy as the city recently released a new report announcing that the city is at or near the top when it comes to ranking different property values across the state.
In Michigan, Sterling Heights is one of the top five cities in State Equalized Values, behind only Detroit, Ann Arbor, Grand Rapids, and Troy — in that order. The city ranks 2nd in statewide industrial property value.
It’s even better among Macomb County rankings, where Sterling Heights ranks first in overall State Equalized Values and first in both residential and commercial property values.
“Strong property values and low taxes continue to make Sterling Heights an attractive community for homeowners and businesses,” says Michael C. Taylor, mayor of Sterling Heights.
“Proactive economic development initiatives offered from the City have led to billions of dollars in manufacturing investments, which have in turn generated new jobs and a demand for housing. I have a feeling we’ll continue to see our SEV grow in Sterling Heights in the coming years.”
The city credits a number of factors for its high ranking, including the $45 million Recreating Recreation initiative passed by voters in 2016. The millage allowed for the funding of a number of recreation improvements citywide, including the renovation of Dodge Park
. The SHINE (Sterling Heights Initiative for Neighborhood Excellence) program and Beautification Commission are also credited.
“Improving neighborhood parks and constructing new recreational amenities will only benefit our residents’ and businesses’ property values,” Mayor Taylor says.
Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.