Has the housing market balanced out in Metro Detroit this fall? Let’s find out!
Has the Housing Market Balanced Out?
If you’ve been following the housing market over the past few years, you’ve seen how sellers have held the upper hand. But now that more homes are hitting the market is that advantage shifting? Let’s break down what’s happening, is the housing market balanced out? We’ll start with the national trends you’ve heard about on the news and then dive into what’s happening in Metro Detroit.
What Is a Balanced Housing Market
A balanced housing market happens when there is a five-to-seven-month supply of homes available. In this kind of market, neither buyers nor sellers have the upper hand. Prices level out, and there are more homes to choose from. After years of sellers having the advantage, a balanced market could be a relief for buyers. But are we really heading that way?
At the beginning of the year, there was a three-month supply of homes nationwide. Now, it’s four months. While this isn’t the biggest jump, it does show the market is moving toward balance, even if it’s not quite there yet. It’s important to note that this increase isn’t leading to an oversupply that could cause a market crash. Even with the recent growth, there’s not enough inventory for that to happen.
Here’Here’sthe has changed over time, according to the National Association of Realtors (NAR):
Macomb an Oakland County Days on Market
Start with the days on Market for a sneak peak if the housing market balanced out in Metro Detroit.
What This Means for You and Your Move
So, what does this mean if you’re planning to move? Lawrence Yun, Chief Economist at NAR, points out:
“Homes are staying on the market a bit longer, and sellers are getting fewer offers. More buyers are asking for home inspections and appraisals, and inventory is clearly rising nationwide.”
The following graphs from NAR and Realtor.com show these changes:
Macomb and Oakland County Inventory Levels
Let’s review the inventory levels over the past year in Metro Detroit. Is the housing market balanced out here? As you can see by the graph ⤵️, we are still in a strong seller’s market by county. I do want to stress that this view changes as you work through the real estate trends by city and price range. You can access that information below.
All this will change, and the market will shift again once mortgage rates come down. We’ve had pent-up buyer demand for a few years now. I recommend keeping up with the housing market trends.
Metro Detroit Home Prices and Real Estate Trends by City
Take control of your home-buying or home-selling journey in Metro Detroit with direct access to our Multiple Listing Service (MLS) through our unique bridge access feature. Dive into detailed, real-time graphs and trends, and explore home prices across different cities and price ranges at your own pace.
Macomb County
Oakland County
Curious about recent selling prices? You’ve got access to up-to-date sold data, too. Skip the headlines and get the facts straight from the source. And if you’re wondering what your home is currently worth in today’s market, Click Here for an instant report. Start exploring now and make informed decisions with ease!
How the Right Real Estate Agent Can Help!
Keep in mind that the national trends are just part of the picture. The housing market can vary a lot depending on where you live. That’s why getting advice from a local real estate agent who knows your area well is a good idea. I recommend reviewing their website and reading what they write. That’s your first clue: do they know the market in Metro Detroit?
Understanding how the market changes can help you make the best decisions whether you’re buying or selling. Your agent has the latest information and local insights to guide you.
Let’s Decode the Housing Market Together! Let’s Connect ⤵️
Wow 😮, there’s a lot to consider! Whether looking to buy a new home or considering selling in Metro Detroit, keeping up with the latest housing market trends is essential. After all, these numbers impact your decisions and you money. Let’s simplify the process together. Schedule a Zoom call with me, and we’ll review the data. I’ll share my screen so you can see the market insights clearly and feel confident about your next steps. Schedule ⤵️ or 📲248-343-2459.
Final Thoughts
The real estate market is constantly changing, and staying informed is key. Understanding the shift toward a more balanced market can help whether you’re buying or selling in the Metro Detroit area. If you have any questions or need expert advice, don’t hesitate to reach out.
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