Metro Detroit housing market cools only slightly with fall arrival

The metropolitan Detroit housing market remains hot for sellers and often frustrating for potential buyers, but it continues to decline from its spring and early summer highs.

The median sales price for homes and condos was $ 236,700 in October, up 7% year-over-year, according to figures released this week by Realcomp multiple-listing service, which serves the metropolitan area as Oakland, Wayne, Macomb and Livingston defined.

The number of listings on the market decreased by almost 13% and the average days on the market was 24 days compared to 31 days in October 2020. Total sales decreased 15%.

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While these numbers show that sellers are still in an enviable position, the market has cooled a few degrees from the beginning of the year, which it usually does in the fall. In June, the average sales price of $ 255,000 was up 17% year over year and there were even fewer offers in the market.

“Is it cooler than in spring, so to speak? Yes, “said Jeanette Schneider, President of RE / MAX in southeast Michigan. What we see these days, when there are several offers, it can be two, three or four.”

Schneider said the availability of more homes for sale compared to the spring helped take some of the frenzy out of the market.

Buyers have also become more prudent when it comes to real estate and are no longer making as many “fear of missing out” offers.

“I really think some people just stepped back and said, ‘What are we doing?’ ” She said. “Does this house really fit what we’re looking for? If so, great, then I’ll make an offer. If it doesn’t really fit what I’m looking for, it’s okay to pass it on.” one. “

Bart Patterson, a real estate agent and vice president at RE / MAX Classic in west Wayne County, said homes in the market are still valued even with the fall season transition.

“You’re still getting quite a lot of top bucks,” he said. “I would say within 2 to 3% of list price. If you get the price right, you are probably at 100%.”

He added, “And when you buy, you still get the interest rate.”

The average rate on a 30-year fixed-rate mortgage this week is 3.1%, according to mortgage giant Freddie Mac. This is a mark higher than the average 2.7% a year ago, but in a historical comparison it is still extremely low.

House prices in many parts of Michigan and across the country have hit all-time highs this year.

Prices in the Detroit metropolitan area were 144% above their lows in the Great Recession in August, according to the latest S&P CoreLogic Case-Shiller Index, a leading indicator.

Average house sale prices in October

  • Oakland County, $ 301,000
  • Wayne County, $ 180,000
  • Macomb County, $ 224,900
  • Livingston County, $ 325,000
  • Monroe County, $ 225,000
  • Washington, $ 325,000

Source: Realcomp. The data does not include private sales or transactions for sale by owners

ContactJC Reindl at313-222-6631 or [email protected]. Follow him on Twitter @jcreindl. Read more about business and subscribe to our business newsletter.

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