When mortgage rates are low, more buyers step into the market, seeking to save thousands to tens of thousands of dollars over the lifetime of their mortgage. If the housing inventory in a market lags behind this increase in demand, then the property values rise in the impacted area. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that property values increase (or decrease) at different rates in different locations, even at times varying drastically in adjacent neighborhoods. When a school district performs well — as deemed by grades and ratings given by the state — buyer demand rises in neighborhoods nestled in that district’s zone, driving property values up. Check out below to see what sold in Meadowbrook Glens in October 2020:
24548 Knollwood Street, Novi: 3 bedrooms, 1.1 bathrooms, 1,324 sq. feet, 2 car garage, Sold Price: $250,000
Meadowbrook Glens Home Sold
October 2020
41802 Ridge Road E, Novi: 4 bedrooms, 2.1 bathrooms, 1,735 sq. feet, 2 car garage, Sold Price: $285,000
Meadowbrook Glens Home Sold
October 2020
Homes that are reassigned to higher performing schools may experience a boost in property value as the neighborhood becomes more desirable to buyers. For more information on Meadowbrook Glens, or similar Northville or Novi neighborhoods such as Simmons Orchard, Village Oaks and Whispering Meadows, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.