48811, Carson City, MI

Home Equity and Home Prices in the 48811 Zip Code of Carson City, MI

There are a number of factors that affect home equity and home prices. These include the current market conditions, interest rates, property values, and the amount of money that has been put into a home.

One way to measure home equity is to look at what is called the "net worth" of a household. This is simply subtracting all outstanding debt from all assets owned by the household. In Carson City, MI in 2016, the median net worth was $136,000. This means that half of all households had more assets than they did outstanding debt.

Another measure of home equity is called "home value appreciation." This measures how much a house has increased in value since it was bought or leased. In Carson City in 2016, homes valued at $100K or less appreciated by an average of 5%. Homes over $100K appreciated by an average of 10%.

The main drivers for changes in home prices are demand (from buyers) and supply (from sellers). Over time there will be more buyers than sellers if market conditions are favorable (low interest rates, stable housing prices), while there will be more sellers than buyers if market conditions are unfavorable (high interest rates, unstable housing prices).

In Carson City during 2016: - The number of listings decreased (-5%), while the number of sold homes increased (+10%) - The median list price decreased (-8%), while the median sold price increased (+14%) - The percentage change in list price compared to sold price was negative (-4%).