With living costs skyrocketing, it’s natural to think housing prices will keep climbing. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we have seen that housing prices have smashed records earlier this year – with the median price of existing homes ballooning to more than $400,000 in May. Now, as buyers see inflation eating into their wallets, they may start backing away from home sales. At the same time, mortgage rates are growing. Both of these factors could dampen housing demand and deflate prices. When inflation is high, the costs of materials also increase. That means it may become especially expensive for construction teams to build new homes or renovate existing homes. Ultimately, those high costs could spill into the housing market and lift home prices for new builds. So we may see builders holding higher prices because it’s costing them more to build a house. Check out below to see what sold in Crosswinds West in December 2022:
40007 Crosswinds, Novi: 2 bedrooms, 2.1 bathrooms, 1,134 sq. feet, 1 car garage, Sold Price: $234,900
Crosswinds West Home Sold
December 2022
For more information on Crosswinds West, or similar Northville or Novi neighborhoods such as Lakewoode Parkhomes, Highland Lakes and Country Place, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.