Are Houses Selling Fast in Metro Detroit Now❓🏡📊

Whether you are selling your home or looking for a new place to call home, it’s important to know your negotiation power. Are Houses Selling Fast in Metro Detroit Now? Let’s find out!

Are Homes Selling Fast in Metro Detroit Now | Team Tag It Sold

Are Houses Selling Fast in Metro Detroit: What You Need to Know

Are you considering selling your house in Metro Detroit? Here’s some encouraging news: even though the market isn’t as explosive as during the ‘unicorn years’ when homes flew off the market, they are still selling quicker than usual. What about home prices? Are they going up? 

Let’s dive into some statistics from Realtor.com that illustrate this trend. These figures show the median number of days homes stayed on the market each January from 2017 to now. ‘Days on the market’ tracks the time from listing to sale or removal from the market. This gives a clear picture of the selling speed:

Homes Are Selling Faster Than Usual

The latest data highlighted in green shows that homes are selling faster than in typical years (indicated in blue). They only sold quicker during the ‘unicorn’ years, shown in pink, Realtor.com reports:

“According to recent findings, homes stayed on the market for just 69 days, which is three days fewer than last year and significantly shorter than the pre-COVID-19 era by over two weeks.”

What This Means for You as a Seller or Buyer

The trend indicates that homes are selling more quickly than usual for this time of year. However, the inventory is still limited. Mike Simonsen, the founder of Altos Research, provides additional insights:

“The year 2024 has started off stronger than last year, with buyer demand increasing week by week.”

Multiple Listing Service Data for Metro Detroit

(Live feed, place your curser on the graph for data)

Macomb County Days on Market
Macomb County Home Prices, Inventory Levels, and Days on Market By City

Oakland County Days on Market

Oakland County Home Prices, Inventory Levels, and Days on Market By City

 

Conclusion: Is It a Good Time to Sell?

If you are debating whether to sell your home, the current market data strongly suggests that now is an excellent time. The market dynamics show strength unusual for this time of year, making it an opportune moment for sellers. Consider signing up for our newsletter to stay informed about the latest trends and updates in our local real estate market.

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Pam Sawyyer @ Metro Detroit Home Experts

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Real Estate Insider 🏡🎯
Stay ahead in the real estate journey with insights that matter. Our newsletter is all about helping you save when buying and earn more when selling. Provide your email and text #, and we’ll deliver the knowledge you need. 👇👇👇
Real Estate Insider: News You Can Use | Team Tag It Sold
Real Estate Insider 🏡🎯
Stay ahead in the real estate journey with insights that matter. Our newsletter is all about helping you save when buying and earn more when selling. Provide your email and text #, and we’ll deliver the knowledge you need. 👇👇👇
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