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Is It Easier to Find More Homes for Sale Now?
Navigating the real estate market in Metro Detroit has been a challenge for buyers in recent years, primarily due to a shortage of available homes. However, there’s a glimmer of hope as we move into 2024.
More Homes on the Market in 2024
The latest data from Realtor.com paints an optimistic picture, showing an increase in the number of homes for sale in 2024 compared to the previous years (2021-2023). The graph below illustrates this positive trend:
Is Finding a Home Easier Now?
The answer is both yes and no. A recent article from Realtor.com highlights that there were nearly 15% more homes for sale in February than last year. This uptick in inventory could potentially energize the housing market if the trend of more “For Sale” signs continues. However, it’s important to note that the nation is still grappling with a housing shortage despite the influx of new inventory.
On one side, the increase in inventory means that you, as a buyer, will likely have more options to choose from as you search for your next home in Metro Detroit. But on the flip side, the graph also indicates that there are still significantly fewer homes for sale than what would typically be seen in a more normal, pre-pandemic market. And this deficit is not something that can be resolved overnight.
Macomb County Inventory Levels for the past 3 Years
Oakland County Inventory Levels the Past 3 years.
What Does This Mean for You?
While you might find a few more choices in Metro Detroit now than in recent years, it’s important to set realistic expectations and not anticipate many options. To effectively navigate the expanding list of available homes, partnering with a local real estate agent you trust is crucial. They can give you a deeper understanding of the inventory situation in the area you wish to buy. Since real estate is highly localized, an experienced agent can offer valuable insights and strategies that have helped other buyers in your area cope with the ongoing low housing supply. Your first step is to understand:
- Mortgage Rates
- Know Your Purchasing Power
- Getting Pre-Approved
- Track Home Prices and Real Estate Trends by City ⤵️
Macomb Couty Homes Prices and Real Estate Trends
Macomb County Home For Sale by City
Oakland County Home Prices and Real Estate Trends
Oakland County Homes for Sale by City
Key Takeaway
If you’re considering buying a home in Metro Detroit, it’s wise to collaborate with a knowledgeable real estate professional. By doing so, you’ll stay well-informed about the factors that could influence your move, including the current state of the housing inventory.
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