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ADRIAN, Mich. — Lenawee County‘s real estate market experienced a significant transformation in December 2023, with the median home price rising to $251,000. This figure marks a 13.7% increase from November and reflects an impressive 33.9% surge over the past year.
The notable price hike raises important considerations for both potential buyers and sellers navigating the local housing landscape. December saw a robust market, characterized by a 43.1% boost in home sales compared to the previous year, culminating in a total residential sales volume of $41.7 million.
Market trends indicate that single-family homes experienced fluctuations in their pricing. While the median selling price for these properties decreased to $202,450 in December from $220,000 in November, it still represents an 8% increase from the same month last year. This data suggests a resilient long-term growth for single-family homes in the county.
Condominiums and townhomes, on the other hand, have shown remarkable growth, with their median sales price escalating by 79.3% compared to December 2022. The current median price for these properties is $428,000, reflecting a shift in buyer preferences towards low-maintenance living arrangements.
Industry experts suggest that staying updated on these evolving market dynamics is critical for successful real estate decisions. “Understanding local market trends is crucial,” said a local real estate agent. “These fluctuations can make a big difference for buyers and sellers alike.”
As the market continues to develop, both buyers and sellers are encouraged to leverage current statistics to inform their real estate strategies. With December’s dramatic price changes, many potential buyers may want to act quickly amid rising costs and demand.
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