MUSKEGON, Mich. — In an article from Fortune, Muskegon County is listed as the third-most overpriced county in the country.
The map graphic shows 59% of Muskegon County homes are "overvalued."
Muskegon-area realtors disagree.
Dave Medendorp has sold homes in Muskegon County for 35 years. He says the growth being seen in the Muskegon area is a result of a concerted effort to bring vibrancy back to the community, once a lakeshore manufacturing hub.
“In Grand Haven, there might be six houses for sale for under $200,000. Here, there might be 26,” Medendorp said.
The housing stock in Muskegon lends itself to first-time home buyers. Still, "for sale" signs are hard to come by.
“Overvalued, it’s kind of a strong word. They’re selling for more than they’ve ever been selling,” real estate agent Seth Koeller said.
Koeller pointed out Muskegon's home values have risen, but that's because the quality of life in the community has drastically increased in recent years. Rent is also rising. Medendorp used his own daughter as an example. She just bought her first home at 18 years old in Muskegon and was able to do it with her job at Qdoba.
Koeller says things like the Mercy Health Arena added businesses downtown, and of course the immovable draw to the community: Lake Michigan.
“If you’ve been around Muskegon five years ago, we looked completely different,” Koeller said.
Experts in Muskegon say while it seems like a housing bubble, it's not. Mortgages are being approved more cautiously, and more people than ever are moving to Muskegon.
“A lot of people are moving here from San Diego, California, Maine. They have the option to work from home,” Medendorp said.
Medendorp says an increase in home values won't be as much as seen in recent years during the pandemic, but he says he still anticipates them to increase in the area, as Muskegon only continues to grow.
