The Southeast Michigan market has bounced back strong from Covid. Despite current inventory levels being down 47% compared to a year ago, many local markets set new sales records in July and August. Prices are at an all-time high—average price is up 7% from a year ago. Recent showings have been up 34% and daily new pendings have been running about 25% higher than last year.
The market’s biggest obstacle is the lack of inventory. For potential sellers who have held off on jumping in, it’s not too late to take advantage of this great market. Historic low interest rates are creating larger pools of buyers who can afford to pay higher prices for their homes.