While interest rates have disrupted the market, most of the recent decline in activity has been seasonal. As the market moves toward the year end, expect sales activity decline to levels close to pre-pandemic years.
Prices have been fading since June, just like they did in 2021, 2020, and 2019. Prices slip in the second half of the year as most of the best listings sell off and the quality of remaining inventory becomes depleted. Both average sale price and price per square foot for October are up 9% compared to the same month last year.
Days on market are rising at a pace that is in line with the season. The best properties continue to sell fastest while average and below-average properties sit and require price reductions. Market times have averaged 32 days for properties that accepted sales contracts in October. However, the average market time for listings that have not yet sold is rising—currently at 72 days.
Michigan Property Taxes in a Nutshell
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After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]
Southeast Michigan 2024 Housing: Trends and Predictions
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Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]
’23 Market Summary and ’24 Predictions
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After a few years of supply shortages, inventory began to return to more normal levels in the second half of 2023. Demand remains strong and buyers continue to wait for [...]
