Suburban Detroit still sees new home construction

“COMING SOON” says Pulte Homes in a nearby development. “SORRY, I’M TAKEN,” reads a sign in front of a house under construction at another’s.

Rakesh Gangwani, who handles land acquisition with RE/MAX Dream Properties in Northville, said he’s stayed busy as buyers favor more modern living spaces that they don’t have to renovate . New homes are a better fit with current space and layout preferences, he said, and purchase prices still allow buyers to get more for their money than they otherwise would. near Detroit.

Boji, of the Greater Metropolitan Association of Realtors, said work-from-home options have left people less concerned about long commutes and more willing to prioritize space and access to the outdoors. Further afield, he says, buyers can find new homes that match both their needs and wants. Instead of buying a house within walking distance of a cafe, Boji said, exurban buyers can build a large patio where they can drink their coffee while watching the deer in their yard.

“The geography of homebuilding has changed over the past two and a half years, with more single-family and multi-family construction in lower-density markets,” said Robert Dietz, chief economist for the National Association of Home Builders, in a statement this month. . “This change was first caused by the initial impact of (the coronavirus pandemic) on housing demand, which favored low-density neighborhoods. The change has continued in recent months due to poor housing conditions. housing affordability that drive potential tenants and buyers to broaden their geographic search for housing, aided by hybrid work models that allow for a combination of remote and office work.”

Scott Schwanke, regional president of M/I Homes in Michigan, said the “Final Opportunity” development, called Oak Ridge in Lyon Township, began selling just over two years ago, with price between $500,000 and $500,000. Now the final home is listed at $690,000 and a second phase of the project is under construction.

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