Clarkston, MI, Real Estate Market Prices and Outlook for 2023

Clarkston, MI, Real Estate Market Prices and Outlook for 2023

It's no secret that the Clarkston, MI, area is a popular destination for tourists and locals alike. One of the main reasons for this is the annual Taste of Clarkston Day, which features some of the best food and drink in the area. Independence Oaks County Park is another big draw, offering miles of hiking and biking trails, a beach, and a playground. Shepherd's Hollow Golf Club is a favorite among golfers, and The Fairytale Fun Place is perfect for families with young children. For those who enjoy the outdoors, Pine Knob Music Theatre offers a variety of concerts and events throughout the year. And, of course, no resident of Clarkston, MI, real estate wants to miss a stop at the Farmers' Market to stock up on fresh produce during the summer months. With so much to do and such a great community, Clarkston continues to attract interested buyers.

If you are considering buying or selling homes for sale in Clarkston, MI, it's time to start planning now. This post will review market trend history from December 2017 through October 2022 to predict the most likely outlook for 2023.

Market trends

Single-family homes

Before looking at the median list price trends, it is important to note that the number of homes for sale per month has rarely exceeded 200 over the past five years, except in August 2022, when inventory reached 300. Available inventory traditionally drops from August through February before increasing through July.

The chart data for the homes for sale and the median list price for single-family homes look very similar, so the median list price tends to rise and fall steadily as inventory waxes and wanes. The median dropped as low as $364,900 in December 2018 and rose as high as $575,000 in February 2022. In general, most months see a median list price between $400,000 and 500,000.

Condos and townhomes

The inventory for condos and townhomes in Clarkston has traditionally been minimal, with fewer than 60 properties for sale per month over the past five years.

The lowest median list price was $194,450 in March and April 2020, while the highest median list price in the past five years was $535,500 in September 2021. The median list price dropped to $195,000 in December 2021 but rose steadily through August 2022 to $424,400. In general, the median list price states between $200,000 and 350,000, with the exception of the highs seen from summer 2020 through autumn 2021.

Outlook for 2023

For those ready to buy

Inventory is expected to remain tight in 2023 for single-family properties, condos, and townhomes. When inventory is low, it can be challenging to find the right home. Buyers may feel they need to act fast when they see a home they like, but it's important to take a step back and assess what you're looking for and what you're willing to compromise on. It's also important to be realistic about your budget and long-term investment goals.

In a market with low inventory, homes are likely to sell for above the asking price, so it's important to have a firm grasp on what you can afford.

On the bright side, both the single-family and condo/townhome markets have seen an overall upward trend in median list price over the past five years, so property values should continue to increase over time for homes purchased in 2023. Once you've done your research and have a good understanding of your wants and needs, it will be easier to navigate the market and find the right home for you.

Be ready to make an offer

As an experienced real estate agent will tell you, the key to making a successful offer on a home is being prepared. Buyers who know exactly what they want and have a preapproval letter in hand are in a much better position to capitalize on a good opportunity. Additionally, it's important to stay on top of new listings to act quickly when a property that meets your needs comes on the market. By following these simple tips, you'll be well on your way to making a winning offer on your dream home.

For those ready to sell

If you're considering listing your property among Clarkston, MI, homes for sale, you may wonder when the best time to list is. While it's true that the real estate market varies depending on location, generally, the period from August through February is when there is the least inventory. This is due to a number of factors, including the fact that many families prefer to move during the summer months when school is out. As a result, if you list your home during this time period, you may need help finding interested buyers, so it is important to have a great real estate agent, like Steph Kaye, with excellent marketing skills.

Prepare your home for sale

There's a lot to do to get your home ready for sale, but don't worry — with a bit of planning and elbow grease, you can get it done.

The first step is to fix any known issues with the property. If any outstanding repairs need to be made, now is the time to take care of them. Not only will this help to ensure a smooth sale, but it will also help you get a better price for your home.

Once you've taken care of the repairs, it's time to deep clean, depersonalize, and repaint your home. These simple steps will make a big difference in how potential buyers perceive your property. Additionally, consider making other upgrades that will improve the return on investment for buyers. For example, new appliances or energy-efficient windows are always popular among buyers.

Once your home is in tip-top shape, it's time to stage the main rooms. This will give buyers a better sense of how the space can be used and help them visualize themselves living there.

Last but not least, it's important to hire the right real estate agent. They will be instrumental in marketing your home, handling offers, and guiding you through the closing process. Choose someone who is experienced and has a proven track record of success. With these tips in mind, you're well on your way to selling your home quickly and for top dollar.

Steph Kaye is the best partner for Clarkston, MI, real estate transactions

If you want to buy a home in Clarkston, MI, be prepared for a competitive market. The inventory has been low over the past few years and is projected to stay relatively high in the next five. However, the median list price has been on an upward trend, so your investment will likely see a good return in the long run. Sellers should expect less demand between August and February but should work with an experienced real estate agent who can generate great marketing content to reach potential buyers. When you are ready to move, reach out to Steph Kay for help.

Work With Me

It is so important to connect with a real estate professional that understands your needs and provides you with the first-class representation you deserve. Whether you are interested in selling a home, purchasing a new home or investing in real estate, I strive to do just that for you! Communication is key when working with a Realtor® which is why we will walk hand in hand throughout the entire process to personally and effectively achieve your goals. I want to be your resource for life!