Sales Hold Steady. Buyers are More Selective
Southeast Michigan has closed nearly the same number of single-family sales as last year, and prices are still rising. But August brought more choice for buyers and a wider gap between homes that attract an early offer and those that do not.
A Steady Year With a Changing Market
Through August, 26,296 homes closed across the five-county region, just 11 fewer than in 2025. Average sale price rose 4% to $366,265, and price per square foot rose 3%. August brought 6,262 new listings and 3,884 new contracts. Active inventory reached 9,608 homes, up 10% from a year ago. Buyer activity has held near the past two Augusts, but available supply has grown.
The First 10 Days Matter
Of August’s 3,850 closed sales, 1,751 received an offer within 10 days. Nearly eight in ten of those homes sold at or above their final asking price. Among homes that took longer to receive an offer, only four in ten did. Overall, 57% of August sales closed at or above asking. That is still a strong result for sellers, though 1,071 sales involved a price reduction, up from 970 in July. The market also varies by price. Year-to-date sales above $400,000 are up 8%, while sales below $200,000 are down 7%. Oakland sales are up 3%; Wayne sales are down 3%. A region wide average cannot set the price for an individual home.
The Consulting Conversation
For sellers, ask: What will make a buyer choose this home over the competing listings in its first 10 days? Price, condition and presentation all shape that answer. An early offer can preserve negotiating strength; a long wait often gives buyers more room.
For buyers, ask: How long has the home been available, and what has happened to its asking price? Move quickly when a well-priced home fits. Where a listing has lingered, use the comparable sales and current competition to guide the offer.
Page takeaway: Sales and prices remain solid, but the strongest negotiating position belongs to homes that earn an early offer.
