Niles top 20 in nation for home sales during COVID-19
NILES, Mich. -- Niles has nailed the 11th spot out of just 20 U.S. cities for the greatest uptick in home sales between April and July, according to a new study by data company Insurify.
While the pandemic has had a negative impact on various industries, there have been unexpected positives, like home sales in more rural regions.
“Niles had an average of a 45.83% increase month-to-month during the pandemic which is pretty significant, especially when you compare it to the national average which was about a 14.9% increase,” said Emily Leff, data scientist at Insurify.
Insurify focused their research on 400 cities from a study by Redfin and also found that the sales price in Niles was going up each month too – the average for the past four months being $224,000.
Why smaller cities are seeing the boom, Insurify says, is because people are valuing space and comfort over the excitement of a metropolis.
“Space seems to be a more emerging priority over proximity – things that make a city, those aren’t really happening anymore,” said Leff. “Niles has that small town vibe with more small businesses and historic sense so those seem to be draws for people.”
For local realtors, the strong market has been a pleasant surprise and caused there to be more buyers than homes available – especially in Niles.
“We have historically low interest rates, inventory is so low right now so it’s a great time for sellers because it’s driving the price up for them,” said Brian Floor, owner at Integrity Real Estate Professionals ERA Power.
And seeing the buying process from start to finish cut down to days instead of months.
“Right now if you list a home, you’ll get a dozen showings in the first 24 hours and half a dozen offers in the first 48 to 72 hours,” said Floor.
A full look at the study can be found at: https://insurify.com/insights/cities-with-greatest-pandemic-real-estate-booms/