Michigan Real Estate News

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Lumber prices driving construction costs

Supply Chain Drives Up Home Prices

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According to home builders, materials cost increases are driving new construction home prices up, as much as 14%. Lumber price spikes have been dramatic due to mills closing the Pacific northwest and the southeast United States,  tariffs imposed on Canadian softwood lumber, and increased demand for new housing. Builders are not making additional profit; the increase is entirely due to rising materials costs. That, in turn, has caused the price of an average new single-family home to increase by $24,386.

Former Scripps Mansion Site Envisioned For Townhomes

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A trio of developers are planning 65 townhomes in Detroit’s Woodbridge neighborhood. The $18.5 million development is at 3700 Trumbull St. between Selden and Brainard streets. The joint venture is a collaboration between Detroit-based Tekton Development, Detroit-based Civic Companies, and Bloomfield Hills-based Robertson Bros. The development would have 48 one-bedroom townhomes with about 1,300 square feet and 16 two-bedroom townhomes with about 1,600 square feet. Construction should begin in the fall and be completed within three years.

Millennial Home Buyers’ Dreams Fall on Hard Times

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Millennials make up the largest population of homebuyers, but many are having a hard time finding homes within their budgets. In many Southeast Michigan areas, the median home listing price has jumped by 15%-19% when compared to previous years. Buyers are approaching the home buying experience like an auction, some even willing to skip home appraisals and inspections. In Michigan, homes are moving 34% faster with only 44 days on the market.