MARQUETTE -- The 2012 housing numbers are out and it shows a steady increase in the purchase of homes in the City of Marquette.
With inexpensive financing available and lower interest rates, experts say more and more people are taking advantage of the housing market in the city.
Realtors from across Marquette met on Tuesday to hear the latest housing numbers. According to the Marquette Area Residential Market Analysis, there is a reduction of the number of houses on the market, and there is a record high increase of the median housing sale price.
"There's a 14 percent increase in the price of the median house. That is the middle house in the market. It is a significant increase. It's the third highest increase we've seen in the last 25 years," said Bruce Closser, real estate appraiser.
That 14 percent increase averages out to $164,950. Experts say people are starting to feel more confident and secure with their jobs which makes them more likely to want to invest in a home.
Real estate agent Kim Stille said the new housing results are promising, and it means Marquette is a desirable place to live.
"Our market is getting better, we're at a even plateau. It's not a buyer's market and it's not a seller's market, so we're in a really good place right now," said Kim Still, associate broker and manager of Coldwell Banker Schmidt, Realtors.
The housing market is on the rise and the overall value of homes has also increased.
When it comes to the City of Marquette, the median housing price is substantially higher than it is for the entire State of Michigan.
"If Marquette and the surrounding townships were its own realtor board, it would be number four in the state after Ann Arbor, Harbor Springs/Petoskey, and Traverse City," Closser said.
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