Even though lumber production has rebounded, there’s still not enough lumber to build the houses needed nationally — an estimated 2 to 4 million homes. So, with such a huge deficit on the supply side, prices are unlikely to decrease significantly. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that as lumber prices rise, consumers see an almost instantaneous increase in prices from retailers and builders. However, there’s rarely an immediate and significant decline in what consumers pay when those prices decline. It will take a sustained downward trend for the typical builder to get any relief. Due to the mechanics of the lumber supply chain, builders and homeowners are unfortunately the last to see their costs go down. Check out below to see what sold in Fox Hollow in July 2022:
18489 Fox Hollow Court, Northville: 4 bedrooms, 4.1 bathrooms, 3,322 sq. feet, 3 car garage, Sold Price: $730,000
Fox Hollow Home Sold
July 2022
Not surprisingly, the buyers who purchase new construction or build a custom home are the most vulnerable to the volatility of the lumber market. For more information on Fox Hollow, or similar Northville or Novi neighborhoods such as Tuscany Reserve, Stonewater and Northville Hills Golf Club, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.