Michigan has plenty of flourishing suburbs, and there’s no denying that homes in the suburbs are in great demand. I grew up in a suburb, and it certainly had everything the typical suburban experience has to offer, from a local mall to plenty of friendly neighbors.
Travel and Leisure magazine has put together a list of the most expensive suburbs in every state. “Coupland and Bear Creek, Texas, two small communities in the Austin metro area, have seen home values grow the fastest over the past year. Following closely behind are Hungry Horse and Whitefish, Montana, both of which are in the Kalispell area,” said Nicole Bachaud, an economist with Zillow (via Travel and Leisure).
The No. 1 most expensive suburb in America is Montecito, California, with the median sale price most recently at more than $5 million. That super high compared to the median home value in California of $758,360. Of course, that media home value in California is very high, too, and is the second-highest in the U.S. only behind Hawaii. Home prices, in general, have been really high lately, but economists believe that will finally slow down, as mortgage rates go up. “In addition, we are seeing a fast-growing amount of sellers dropping their prices. These are all things that show a cooldown in the market after more than 18 months of a housing frenzy,” said Daryl Fairweather, Redfin’s chief economist (via Travel and Leisure). “There’s still way more demand for housing than supply, but these early signs of a slowdown indicate that sellers can no longer overprice their home.”
So, what’s the most expensive suburb in Michigan. That’s Birmingham, outside of Detroit. The median home sale price in Birmingham is currently around $680,000. That’s darn high! Check out the full list here.