Most Michigan markets peaked in June and have been slowing with prices fading since. But it did that last year too. Much of the slowdown is due to the limited inventory quality that we typically see later in the year.
While the pandemic-era sales and price booms are fading, there remains a large pool of buyers who have been looking for over a year to find their “something special”. We continue to see the best listings sell immediately with competing offers, but the frequency of those situations and the number of competitors is shrinking.
Looking forward, expect market times and the rate of price reductions to rise—especially for average and below-average listings. The Housing Reports link below provide more detail for your market area.