Michigan Realtors Cautiously Optimistic About Future

Michigan Gay Real EstateAt the start of the millennium, home sales in Jackson County soared and new builds were the norm. But few could have predicted the turn Michigan’s housing industry would take. By 2007, the area had plunged into the foreclosure crisis that gouged neighborhoods nationwide.

Local industry leaders say they have seen signs of recovery in the county’s battered housing market and hope it will continue, but it will forever be changed. They are cautiously optimistic about the future. “I think we’re going to see it come back, but will it ever be what it was five years ago? Probably not,” said Mindy Reilly, Jackson County Register of Deeds. “It’s going to take awhile.”

In early 2009, the average sale price of a home in Jackson County bottomed out at $57,000, according to the Jackson Area Association of Realtors. That’s less than half of what it was during the housing boom. In 2005, the average sale price was $138,153. By December 2010, the market began improving and average sale prices bumped to $81,629, according to the association.

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