October ’22 Market Report

Sales and prices have been sliding since June—the same way they did last year. Both years featured high activity and prices in the first half of the year, followed by declines in the second half.

Buyers want and are willing to pay premium prices for move-in-ready homes. Because the best listings sell fastest, there are more really nice properties available earlier in the year. Homes that are in average and below-average condition take longer to sell.

Expect the year-end slowing to be more pronounced this year because of the higher interest rates and less intense pandemic-driven demand—it’s fading over time.

Despite the slowing market, 41% of October Southeast Michigan sales took 10 days or less—34% for Washtenaw County. There remains plenty of opportunity for both buyers and sellers. Understanding what’s happening in the market helps us spot those opportunities.