Monthly REALCOMP MLS® Market Update May 2023 Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains. Closed Sales decreased 14.4 percent for Residential homes and 9.1 percent for Condo homes. Pending Sales decreased 14.5 percent for Residential homes but increased 0.9 percent for Condo homes. Inventory decreased 5.7 percent for Residential homes but increased 0.8 percent for Condo homes. The Median Sales Price increased 2.4 percent to $261,000 for Residential homes and 2.0 percent to $250,000 for Condo homes. Days on Market increased 47.6 percent for Residential homes and 38.1 percent for Condo homes. Months Supply of Inventory increased 13.3 percent for Residential homes and 12.5 percent for Condo homes. While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR   ------------------------------------------------------------------------------------------------------------------- Source:  REALCOMP | Current as of June 7, 2023. All data from Realcomp II Ltd. Report © 2023 ShowingTime. ------------------------------------------------------------------------------------------------------------------- Please contact me directly if you have any real estate questions or need assistance with buying, selling or renting a home.  I'm always here to help!  Check back next month for the next market update!   - Chris Lynn Servicing Royal Oak, Ferndale, Hazel Park, Clawson, Berkley, Troy, Bloomfield Hills and nearby areas.

Living in Royal Oak, Michigan Royal Oak, a suburb of Detroit, is a city in Oakland County in the state of Michigan.  With a population of around 59,000, the city has the charm of a small town but experiences the amenities of a large metropolis.  Often called the "City of Trees" due to the multitude of flora that paints Royal Oak's landscape, it is a unique city that offers its residents and visitors a diverse culture, exciting places to visit, and a dense suburban feel.  Its dedication to tree planting and preservation has earned the city of Royal Oak the National Arbor Day Foundation distinction of "Tree City USA" every year since1976.  It was also named one of Apartment Therapy's Coolest Suburbs in America in 2019.  This award-winning city is an excellent place for raising a family, young professionals, and active retirees, but also for investors.  The safe, friendly neighborhoods make Royal Oak, MI one of the best places to live and work. These laid-back neighborhoods are only a few minutes away from the vibrant downtown, eclectic nightlife, chain stores and high-end restaurants.  Let's see some exciting things about Royal Oak's history and the reasons why it is a good place to live.  Royal Oak's History Early settlers of Royal Oak, MI were farmers who planted crops around the area as agriculture was the primary occupation of that time. The development of the railroad brought logging, milling, and other industries, as well as steady growth, to the city.  Michigan Governor Lewis Cass gave the name of the city in 1819.  He and several companions explored the Michigan area to see whether it was suitable for living.  They found a desirable site of higher ground near the intersections of Main, Rochester and Crooks Roads.  They came across a majestic oak tree with a trunk considerably wider than most oak trees.  Its large branches reminded Cass of the legend of the royal oak tree, under which King Charles II of England hid from enemies in 1660.  Cass and his companions named the tree the " Royal Oak ", so Royal Oak received its name.  Royal Oak was incorporated as a village in 1891 and was reincorporated as a city in 1921.  It was the time the population grew to more than 6,000 due to the new jobs created by the booming auto industry.  Since then, it has encountered steady growth, making the city a great place to live today.  Reasons why Royal Oak, MI is a good place to live Royal Oak, MI is a truly unique place with something for everyone, making it a great place to call home. Several factors make a city a good place to live.  One of the most important is affordability.  The cost of living in Royal Oak is lower than the national average and most cities in the state.  While some areas can be higher than others on a state and federal level, the overall standard of housing costs, utilities, groceries, health care, transportation, and miscellaneous goods and services are less expensive. Also, Royal Oak is a safe place to live.  The crime rate is relatively low compared to other cities of its size, and there are many things to do in the city that are family-friendly. Another critical factor is the poverty rate.  Royal Oak has a lower poverty rate than other cities in the U.S.  Royal Oak is the place for you if you're looking for entertainment.  With its vibrant downtown, various restaurants, and bars suited for any taste, you will never run out of things to do.  It is a city where you will experience an eclectic mix of quiet, tree-lined neighborhoods and a one-of-a-kind downtown, allowing the residents to enjoy the tranquility of the suburbs and the city's fast-paced life at the same time.  One of the best cities in the Woodward corridor Royal Oak is an inner-ring suburb of the city of Detroit in Oakland County, Michigan.  Located along the Woodward Corridor and served by Interstate 75 and Interstate 696, Royal Oak, MI, has an excellent location that attracts many people to the area.  Only about 3 miles (4.8km) north of Detroit's city limits, a 25 min drive from downtown Detroit, and 35 minutes to the airport, Royal Oak is a less crazy and more affordable alternative to living in the Motor City.  With one of the largest downtowns in Detroit's suburbs, home to Detroit Zoo and festivals, Royal Oak is an exciting and popular place to move to.  Royal Oak is like a bigger brother to the neighboring Ferndale, making it a fitting place for young professionals and families alike.  It has a very good downtown, without feeling crowded, a vibrant nightlife, and lots of things going on in a small area.  There are many coffee shops, breweries, and shops available.  Festivals, like the Art, Beats & Eats take place here, and the whole city is very comfortably walkable.  Considering what it offers, the prices are pretty reasonable, making it an affordable choice compared to Detroit.  When it comes to real estate, there's a large variety you can choose from.  There are older buildings like bungalows and colonials alongside newly constructed properties.  And there are many new buildings constructed in the old styles to fit the landscape.  Lots are usually small here, so if you're looking for a large estate, this is probably not the perfect place for you (though there are nearby communities that do offer such larger lots).  Compensating the usually small lots, you're allowed to have a fence, which is otherwise uncommon in Michigan, so that's a plus.  The extra feature of Royal Oak, attracting many young people, is that it has those cool high-rise condos/lofts too, unlike most of the places in the area.  Source:  Article by RealEstateAgent.com | December 2022 ----------- Please contact me at your convenience with any questions or to schedule a showing for Royal Oak, Ferndale or any homes in the many wonderful nearby communities!  - Chris Lynn | Good Company Realty    

Living in Hazel Park, Michigan Hazel Park, Michigan, may be a small city, but it packs a big punch when it comes to character and community.  Nestled in the heart of Oakland County, as part of Metro Detroit, Hazel Park is known for its tight-knit neighborhoods, diverse population, and rich history.  Incorporated as a city in 1941, Hazel Park, MI was originally a farming community before transitioning to a hub for manufacturing and industry.  Today, it's a city with a growing downtown area with local shops, restaurants, and entertainment. One of the biggest draws to Hazel Park was the Hazel Park Raceway, a historic horse racing track that was in operation until 2018.  The track was a beloved staple of the community and drew visitors from all over the state.  But there's more to Hazel Park, MI, than just the raceway.  The town has several parks and oudoor spaces, including Green Acres Park, which boasts a playground, volleyball courts and is a site of many festivals.  Hazel Park is also known for its strong community spirit.  The city hosts many annual events, including a Memorial Day Parade and Festival, National Night Out, and the Hazel Park Art Fair.  Whether you're a lifelong resident or wanting to settle down in this beautiful city, there are plenty of reasons to call Hazel Park, MI home.  Its charm, history, and community spirit make it a true gem of Michigan.  Reasons to call Hazel Park, MI, home One of the biggest draws of Hazel Park, MI, is its affordability.  The cost of living in Hazel Park is significantly lower than many other cities in the Metro Detroit area and 13% lower than the national average, making it an attractive option for those looking to save money on housing and other expenses.  With various housing options available, including apartments, townhomes, and single family homes, there is something for every budget in Hazel Park. Located just minutes from Downtown Detroit, Hazel Park, MI, is centrally located and provides easy access to major highways.  It makes commuting to work or visiting other parts of the city a breeze.  In addition, Hazel Park, MI, is located near popular attractions in the area, including Detroit Zoo, Royal Oak Music Theatre, and the Somerset Collection shopping mall.  One thing that sets Hazel Park, MI, apart from other cities in the Metro Detroit area is its strong sense of community.  With a population of just over 16,000, Hazel Park, MI, is a tight-knit community where neighbors look out for each other and take pride in their city.  It's no wonder the city bills itself as "The friendly city."  Many events throughout the year allow residents to come together and celebrate their community.  Another reason why Hazel Park, MI, is an excellent place to call home is that it has several parks and recreational facilities, including Scout Park, Green Acres Park, and Felkner Field.  These parks offer various amenities, including playgrounds, sports fields, walking trails, and picnic areas.  Hazel Park, MI, has its own school district, which includes three elementary schools, one middle school, and one high school.  In addition, Hazel Park, MI, is home to several private schools and is located near Wayne State University.  In conclusion, Hazel Park, MI, is more than just a charming and welcoming community with affordable living options and a convenient location.  It's a city that offers a high quality of life, convenient access to amenities and attractions, and an overall sense of belonging that is hard to find elsewhere.  Whether you're a young professional, a growing family, or a retiree looking for a peaceful place to settle down, Hazel Park, MI, has something for everyone.  So why not join the community and experience all this great city offers? Source:  Article by RealEstateAgent.com | April 2023 ----------- Please contact me directly if you need more information about this charming community.  I will be happy to answer any queries you may have.  - Chris Lynn | Good Company Realty 

Living in Ferndale, Michigan Ferndale is a lovely city in the northern part of the Detroit Metropolitan area in Michigan.  The city has a population of 19,140 and probably all its inhabitants consider it a charming place.  Ferndale is known for its friendly and accepting community and progressive policies.  Apart from being very safe, Ferndale has a lively downtown and a buzzing nightlife, attracting visitors from all over the area.  With its diverse and culturally rich population, Ferndale is a great place for families and an excellent place to live for anyone.  And the list doesn't stop here!  Ferndale is extremely walkable, animal-friendly, and the cherry on top:  it has a great commute to downtown Detroit.  There are so many reasons to consider Ferndale a great place to live.  Hosting several festivals all year round, there's always something to do in this city.  Many things make a newcomer feel at home in no time, from the open and accepting community and positive vibes to the amenities and opportunities all around.  Curious about moving into a lovely and supportive community?  Let's see what else is there! The Best Place for First-Time Homebuyers In 2022, Ferndale has been named one of the best places to live for first-time homebuyers in the entire country.  Among all the cities in the United States, getting a place in the top ten is really something out of the ordinary. The smaller brother of the neighboring Royal Oak, Ferndale earned its title with several great qualities.   So, what makes Ferndale such a great place to live?  The young and progressive community, for example!  Almost 16% of Ferndalers are young millennials who bring fresh and cool vibes to the city.  Ferndale has an excellent location, being close to just about everything.  The commute time is excellent, making it attractive for many professionals who want a job in the Motor City.  The booming downtown area makes Ferndale a perfect spot for foodies, as there are so many great places to eat and drink.  Ferndale is the place if you're looking for a place with plenty to do and still maintaining that nice small-town feel.  Less crowded, with a somewhat cheaper cost of living than other options in the surroundings, this city makes a reasonable choice in 2023 too.  The Current Real Estate Market in Ferndale The housing market currently is very competitive in Ferndale, with homes selling after around 30 days on the market.  The inventory is currently a little tighter than usual, but it's nothing out of the ordinary since we're still in the cold season.  Inventory usually increases around April, with the season lasting until October-November.  The tighter inventory drives the prices slightly up, but the housing market in Ferndale is still very affordable.  The median price of a new listing is currently $250,000.  The price per square foot is $221, which is still a reasonable price on the market.  To Sum it up, Ferndale is an excellent place to live for just about anyone looking for a city with a friendly small-town feel and a notoriously accepting and helpful community.  The booming downtown, with its many and diverse shops, restaurants, and coffee shops, has something to offer for everyone.  The excellent location allows Ferndalers to commute without difficulties just about anywhere, and the affordable real estate market attracts many young professionals to the city. If you feel like Ferndale would make a good place to call home, feel free to reach out to me for more information on what it's like to live here!  I look forward to sharing it with you! Source:  Article by RealEstateAgent.com | February 2023 ----------- Please contact me at your convenience with any questions or to schedule a showing for Royal Oak, Ferndale or any homes in the many wonderful nearby communities!  - Chris Lynn | Good Company Realty