After a mostly lost decade, property values are rising sharply across much of Michigan, helping restore equity to homeowners and improve the balance sheets of businesses from Hamtramck to Harbor Springs.
Values climbed nearly 50 percent in Ferndale and Lyon Township in Oakland County from 2014 to 2017 and by more than a third in Allendale Township just outside Grand Rapids, according to statewide assessment data analyzed by Bridge Magazine.
Overall, market values are up an average of 21 percent among Michigan’s 1,500 townships and cities since 2014. That’s a dramatic change from the downward trend of just a few years ago. The increases came across all classes of property: residential, commercial, industrial and agricultural.
Despite the rising prices, a national study by CoreLogic, a national real estate research firm, concluded Grand Rapids is still an undervalued market.
“Unlike many other top markets, the Grand Rapids housing market is considered undervalued,” according to a national survey released by CoreLogic on Tuesday, March 6.
The same holds true for the rental market, according to Abodo.com, which surveys 110 national rental markets. It ranked Grand Rapids as the 63rd most expensive rental market in its most recent survey.
The median monthly rent for a one-bedroom apartment in Grand Rapids was $800 in January while the median rent for a two-bedroom apartment was $985, according to Abodo.com. Visit Carsite.co.uk to get car on rent or Used Car