Ottawa County Real Estate Market Shows Steady Growth, Bucking National Trend

The real estate market in Ottawa County, Michigan continues to exhibit resilience and growth, defying the broader national downturn. According to a recent analysis of data from Realtor.com, the median home price in Ottawa County increased by 3.5% between December and January, reaching $472,950. Compared to January 2023, the median home list price witnessed an impressive rise of 9.9%.

Although these statistics exclusively reflect houses listed for sale in Ottawa County, rather than those actually sold, they offer valuable insights into the local market. Ottawa County’s median home size stood at 2,126 square feet, with an average listing price of $221 per square foot. This translates to a 5.8% increase in the price per square foot of homes on sale when compared to January 2023.

In terms of market activity, homes in Ottawa County saw a median of 66 days listed, slightly lower than the national median of 69 days. Notably, this figure represents a modest increase from the previous month’s median of 59 days. Additionally, there was a 22.9% decrease in new listings, with 168 homes entering the market in January compared to 218 in the same period in 2023.

It is important to note that the median home prices reported by Realtor.com may exclude a significant number of properties. The data primarily focuses on single-family homes, townhomes, and condominiums, while excluding most new construction, pending sales, and contingent listings.

While Ottawa County’s real estate market showcases encouraging growth, the broader Holland metro area experienced a slight decline in median home prices, which decreased to $402,425. In Michigan as a whole, the median home price for January stood at $257,000, showing a minor decrease from the previous month.

At the national level, the median home price in the United States dipped slightly to $409,500. The typical American home on the market had a median size of 1,823 square feet, with a price of $221 per square foot.

It is essential to consider that the median home list price provides a more accurate overview of the market compared to the average list price, which can be skewed by extreme values. Experts assert that the median captures the midpoint of all houses listed during a given period, providing a clearer understanding of the market’s performance.

By defying the national trend and exhibiting steady growth, the real estate market in Ottawa County demonstrates its resilience and attractiveness to potential homeowners and investors alike.

FAQ Section

Q: What was the increase in median home price in Ottawa County between December and January?
A: The median home price in Ottawa County increased by 3.5% between December and January.

Q: What was the increase in median home price in Ottawa County compared to January 2023?
A: The median home price in Ottawa County had a rise of 9.9% compared to January 2023.

Q: What was the median home size in Ottawa County?
A: The median home size in Ottawa County was 2,126 square feet.

Q: What was the average listing price per square foot of homes in Ottawa County?
A: The average listing price per square foot of homes in Ottawa County was $221.

Q: How does the price per square foot of homes in Ottawa County compare to January 2023?
A: The price per square foot of homes on sale in Ottawa County increased by 5.8% compared to January 2023.

Q: How long were homes typically listed in Ottawa County?
A: Homes in Ottawa County were typically listed for a median of 66 days.

Q: How does the median listing duration in Ottawa County compare to the national median?
A: The median listing duration in Ottawa County (66 days) was slightly lower than the national median (69 days).

Q: How many new listings were there in Ottawa County in January compared to the same period in 2023?
A: There was a 22.9% decrease in new listings in Ottawa County, with 168 homes entering the market in January compared to 218 in the same period in 2023.

Q: What types of properties are included in the median home prices reported by Realtor.com?
A: The median home prices reported by Realtor.com primarily focus on single-family homes, townhomes, and condominiums, while excluding most new construction, pending sales, and contingent listings.

Q: What was the median home price in the broader Holland metro area?
A: The median home price in the broader Holland metro area decreased to $402,425.

Q: What was the median home price in Michigan for January?
A: The median home price in Michigan for January was $257,000.

Q: What was the median home price in the United States?
A: The median home price in the United States dipped slightly to $409,500.

Q: What is the significance of the median home list price?
A: The median home list price provides a more accurate overview of the market compared to the average list price, as it captures the midpoint of all houses listed during a given period and is not skewed by extreme values.

Key Terms and Jargon

1. Ottawa County: The county located in the U.S. state of Michigan, known for its real estate market.
2. Median Home Price: The middle value of all home prices listed or sold in a specific area or time period, which represents the midpoint of the market.
3. Square Feet (sq ft): A unit of measurement used to indicate the size or area of a property.
4. Listing Price: The price at which a property is listed for sale.
5. Market Activity: The level of buying and selling activity that is taking place in a particular real estate market.
6. New Listings: Newly listed or added properties that are available for sale in the market.
7. Pending Sales: Real estate properties that are under contract but have not yet closed.
8. Contingent Listings: Real estate listings that are conditional or dependent on certain conditions being met, such as a buyer obtaining financing or a home inspection being completed.

Suggested Related Links

1. Realtor.com – Official website of Realtor.com, a trusted source for real estate listings and information.
2. Ottawa County Government – Official website of Ottawa County, Michigan, providing information on local government services, resources, and events.
3. Holland, Michigan – Official website of Holland, Michigan, offering insights into the city’s attractions, events, and real estate market.
4. State of Michigan Official Website – Official website of the State of Michigan, providing comprehensive information on various aspects of the state, including real estate and housing.