Berkley, Troy, and Royal Oak are some of the “healthiest” housing markets in Michigan, according to a study by Smart Asset, a New York City-based company that assists customers with major financial decisions.
Steve Sabato, a spokesman from Smart Asset, says a healthy market is both stable and affordable. “Homeowners in a healthy market should be able to easily sell their homes, with low risk of losing money over the long run.”
Sabato says Smart Asset compared housing markets in cities across Michigan by the average number of years a resident lives in their home, the average number of homes with negative equity, the number of homes sold at a loss, average days on the market, and how much the home costs in comparison to income.
Hudsonville, near Grand Rapids, ranked No. 1 of the Top 10 markets in the state with the average resident staying nearly 16 years in their home; and have homes on the market for an average of 58 days.
The average resident in Berkley lives in their home for about 18 years and homes are on the market for about 60 days. In Troy, the average number of homes with negative equity is about 5.8 percent, the lowest percentage on the report. In Royal Oak, residents live in their homes for about 17 years and the average home stays on the market for about 57 days.
Berkley, Troy, and Royal Oak were the three cities in metro Detroit to make the list of the Top 10 healthiest housing markets in the state, coming in at No. 3, No. 5, and No. 8, respectively. Other cities on the list include, Zeeland, Rockford, Byron Center, Grandville, Temperance, and Portage.