Land Information for Emmett County, Michigan
Welcome to beautiful Emmet County! As of the latest U.S. Census, about 33,587 people call the area home, and about 72% are homeowners. With an average age of 45, Emmett County residents are well-positioned and have many families of all ages. However, on weekends and holidays, you can see more activity and excitement. In recent months, about 140 homes have sold for an average price of $265,807. This is an increase of $11,295 from the previous period.
Are you interested in rural real estate, ranching and hunting lands in Emmet County, Michigan? LandWatch has hundreds of land listings and ranches for sale in Emmet County. According to recent LandWatch data, Emmet County, Michigan ranks 55th out of the state's 83 counties for total land listings and ranches currently advertised for sale. Internal data shows more than $63 million in land and ranch for sale in Emmet County. These land listings represent more than 1,200 acres of rural land and properties for sale. The average price for rural properties, ranches and hunting lands for sale here is $256,426. Browse LandWatch's Michigan Land For Sale page to see more land listings and ranches for sale in Michigan.
Northern Michigan real estate boom as builders struggle to meet demand
Builders in Michigan are prioritizing higher-value homes for more profit, a market driven in part by the pandemic.
But experts say the state lacks housing suitable for middle-income buyers, such as workers who build high-end homes.
“Some of the home builders in the Michigan resort area, like Emmet, Charlevoix, Cheboygan, Otsego and Grand Traverse (county), booked two years in advance and they didn’t discuss creating projects with new clients,” said executive Janet Chambers. Officials with the Northern Michigan Home Builders Association.
According to the Michigan Association of Realtors, the average price of a home statewide was about $210,000 in July 2020. This is an increase of nearly 10% from July 2019.
But average prices in northern Michigan resort areas are quite different.
Homes in Emmet County, northwest Michigan, where Petoskey and Harbour Springs are located, sold for an average of $428,581 in August 2020. That's up from the $344,120 reported last August, according to the Association of Realtors. Compared to August 2019, there were 51 more home sales in the county during the month.
"Home inventory is extremely low as home builders lag behind in their projects and there is a rising trend to move out of urban areas," said Bernie Shaffer, lead real estate agent at the Harbour Springs office of Harbour Sotheby's International Realty . "Harbor Springs School has welcomed 100 new students this year, which is unusual."
Shaffer said the coronavirus pandemic and statewide lockdowns have created the opposite trend of people moving from urban areas to rural areas as they adjust to working remotely.
“Some buyers, especially from California and Texas, are offering more than asking because there aren’t many homes for sale,” Schaeffer said. "In my 30-year career, I have never seen such a boom in real estate."
Schaffer said most of his clients are looking for homes priced between $400,000 and $900,000.
"Houses don't stay on the market for more than two days due to extremely high demand," he said. "Some of my clients want to buy under $200,000, but right now there are few offers in Emmet's affordable housing market."
Home sales in Emmet, Charlevoix and Cheboygan counties increased about 25 percent in August this year compared to August 2019, according to the Association of Realtors. But the number of homes listed for sale fell by 44% during that period.
Kimberly Pontius of the Traverse Area Association of Realtors said: "The coronavirus pandemic has been impacting home builders, but we haven't seen a drop in home sales as more interest comes from out of state, even from abroad. "' CEO.
Homebuilders are in high demand in Greater Traverse County and far outstripped their capacity, Pontius said.
"If you want to build today, most home builders in the area can start in two years," he said.
"The cost of building materials has risen rapidly due to the supply chain difficulties of the pandemic, and California's wildfires are also contributing to the price increase," Pontius said. "All of this will impact house prices in our market, and the cost per square foot of land is following the same trend."
"Northern Michigan homebuilders have had their hands full," said Janet Chambers, chief executive of the Northern Michigan Home Builders Association.
The more time people spend at home, the more they focus on home improvement, she said.
"The money they might have spent on a European trip was being used to remodel the kitchen, bathroom or living room," she said.
Meanwhile, builders are struggling to find construction workers, Chambers said.
A decline in the under-35 population and their lack of affordable housing is one reason for this.
Average lumber prices have risen more than 170% since mid-April. That adds more than $16,000 to the typical cost of a new single-family home, according to the National Association of Home Builders. The increase has driven more than 2.1 million U.S. households out of the mid-priced new home market.
"Homebuilders are prioritizing higher-value properties for more profit margins, but the state lacks labor housing for middle-income buyers," said Katie Bach, communications director for the Michigan Housing Development Authority.
She said housing for workers and other middle-income buyers was not a priority because builders "can't make enough money due to rising construction costs".
The agency aims to help low-income residents buy homes. The program began as a pilot to promote and encourage the construction of modular housing units at accessible price points, typically under $200,000.
In September, the Michigan Housing Development Authority Commission permanently established the MSHDA MOD program with an allocation of $2 million for fiscal year 2020-21.
Those interested in learning more about what the state has to offer, including down payment assistance of up to $7,500 for first-time homebuyers, should visit here.