Michigan Property Taxes Overview Michigan property taxes can change dramatically after a home sale. The post-pandemic market brought rising inflation and property values, triggering a key limit in Michigan’s tax law. In 2023, inflation hit 7.9%, and for the first time, the full 5% cap…
Will Market Patterns Repeat in 2025? Every year, we’re bombarded with headlines warning how rising interest rates, inflation, property taxes, or new regulations will wreak havoc on the housing market. Yet, despite the challenges of the past few years, Southeast Michigan’s market has held…
Tight Supply Continues to Limit Sales While inventory is expected to slowly rise in 2025, January begins with fewer listings than last year. Shortages of quality listings will continue to restrict sales. Inventory continues to impact sales and prices in Southeast Michigan. Historically, supply levels…
Happy Holidays! We hope you’re well into celebrating with family & friends. Thank you for giving us the opportunity to prepare these reports for you. Our goal has been to provide you support materials to help you make educated decisions when it pertains to buying…
Inventory Woes and Pricing Gains Sales Trends: Post-pandemic sales in Southeast Michigan peaked in 2022 but have since declined. The market in 2024 started slow, trailing 2023 through the first half, but has recently caught up to last year’s pace. Despite strong demand, inventory…
Buyer Competition Easing This chart highlights seasonal and yearly shifts in the relationship between list price and closed sale price in Southeast Michigan since 2022. The red line represents the monthly percentage of homes selling below, blue line at, and green line above list price.…
As we head into the 4th quarter, YTD single family sales are almost even (-1%) in the SE and NW Michigan markets and down 8% in Washtenaw County. YTD average sale price is up 8% for SE, up 4% for Washtenaw and up 19% and…
Is a Full Price Offer Enough? Although the availability of listings is slowly rising, buyer demand remains extraordinarily high in relation to supply. Buyers continue to wait for the best listings and pounce on them when they arrive. Last month, 66% of closed sales in…
Rising Home Values Hold The Southeast Michigan housing market continues to demonstrate significant trends that are essential for both REALTORS and consumers to understand. As of July 2024, the market is characterized by rising property values, stable pricing, and mixed sales activity. These dynamics are…
Despite inventory and affordability challenges, buyers remain vigilant in searching for their new home. In the past four weeks, overall showings across Michigan markets were up 19% compared to the same time last year. In the upper-end markets, the jump in activity is even greater—up…