Blog > Housing Report > Southeast Michigan > Southeast Michigan March 2021
Southeast Michigan March 2021
Topics
- Housing Reports
Subscribe
Get the latest Michigan Housing Reports delivered straight to your inbox!
Topics
Available Listings
-15% from last month
New Pendings
-4% from last month
YTD Closed Sales
+6% from last year
YTD Avg Sale Price
+14% from last year
YTD Price Per Sq Ft
+14% from last year
With YTD sales up 6%, there’s no shortage of demand, but the lack of inventory is gaining the upper-hand and will restrict future sales heading into the spring market. That increase in closed sales is amazing, considering inventory levels are down 61% and they continue to decline each month. Buyer competition will continue to lift prices. YTD average price and price per square foot are both up 14%—much of that is due to fewer entry and middle-priced sales and more upper-end sales. The amount of increase is about 10% for under-$250k homes and only 4% for over-$500k properties. Both sellers and buyers who want to move this year should get an early start.
Listings | Change | New Pendings | Change | Months Supply | Change | |
All | 3234 | -15% | 3606 | -4% | 0.9 | -11% |
$10k - 150k | 1040 | -20% | 1050 | -2% | 1.0 | -18% |
$150k - 250k | 469 | -17% | 1055 | -8% | 0.4 | -10% |
$250k - 500k | 842 | -15% | 1152 | -6% | 0.7 | -9% |
$500k + | 883 | -7% | 349 | 5% | 2.5 | -12% |
Listings | Change | New Pendings | Change | Months Supply | Change | |
All | 3234 | -15% | 3606 | -4% | 0.9 | -11% |
$10k - 150k | 1040 | -20% | 1050 | -2% | 1.0 | -18% |
$150k - 250k | 469 | -17% | 1055 | -8% | 0.4 | -10% |
$250k - 500k | 842 | -15% | 1152 | -6% | 0.7 | -9% |
$500k + | 883 | -7% | 349 | 5% | 2.5 | -12% |
Michigan Property Taxes in a Nutshell
2 minutes 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
2 minutes 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
< 1 minute 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 [...]