Are you curious about the real story behind Home Price Growth in Metro Detroit? Let’s review home prices and inventory levels!
Let's Review the Real Story about Home Price Growth in Meto Detroit
If you’re trying to figure out what’s happening with home prices lately, you’re not alone. There’s so much information floating around, and it can be tough to make sense of it all. Knowing the facts about home price growth in Metro Detroit is important whether you’re buying or selling.
As a buyer, you might be worried about overpaying. On the other hand, sellers might wonder if they’ll get the price they want. Let’s break it down so you can make better decisions about your next move.
Home Price Growth Is Slowing, but Prices Aren’t Falling
Across the country, home prices are still rising, but the growth is slower than we’ve seen in recent years. If you hear that prices are “cooling,” it doesn’t mean they’re falling. It just means that home price growth in Metro Detroit isn’t skyrocketing like it was.
But don’t mistake “slowing” for “falling.” Even though the market is cooling off, prices are still increasing. The difference is they’re just not climbing as fast as they once were. So, if you’re hearing buzz about home prices cooling, remember that growth is still happening—just at a slower pace.
What’s Next for Home Prices? It Depends on Supply and Demand
Are you wondering where prices are headed? This can vary by location and price range. Overall, the number of homes for sale is increasing. However, there still aren’t enough homes to meet the high demand from buyers. Review the graph below for days on market, month supply, and shows pending to determine inventory levels. This imbalance continues to put upward pressure on prices, including in Metro Detroit.
Metro Detroit Inventory Levels
Home Prices in Metro Detroit
Locally, home price growth in Metro Detroit is following a similar pattern. More homes are coming on the market, but buyer demand is still strong, which helps keep prices up. The increase in housing inventory has slowed the growth of home prices, but that doesn’t mean we’ll drop anytime soon. Scroll through to review Macomb and Oakland County Median and Average Home Price Trends.
Macomb and Oakland County Home Sale Price
Local Market in Metro Detroit Home Price and Trends
Macomb Couty by City
Oakland County by City
Mortgage Rates Affect Home Prices
Another factor to keep an eye on is mortgage rates. Mortgage rates have dropped over the last six weeks, and the first Fed Policy change and interest rate cut will be September 17th or 18th. If you want to keep up to date and predict the best time to lock your rate, I recommend bookmarking “Today’s Mortgage Rates: What Causing the Change.” Mortgage rate base rate could hit under 6% in the next few weeks. If that happens, demand could push prices up even more.
Why You Should Work with a Local Real Estate Agent
While national trends can give you a big-picture view, real estate is local. What’s happening in Metro Detroit may differ from the national average based on local supply and demand. That’s why it’s important to consult a real estate agent who knows your market inside and out.
A knowledgeable local agent can provide up-to-date information and guide you on the best strategy. I recommend reading what they write. That way, you know if they are keeping up to date and, more importantly, can share those updates with you. It’s important to know your numbers; they do represent your money. Spend less when you buy and make more when you sell.
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, keeping up with the latest housing market trends is essential. After all, these numbers impact your decisions. 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.
Plan Ahead
Home prices are still rising, just not as fast as before. Whether you’re buying, selling, or just curious about home price growth in Metro Detroit, connecting with a local real estate agent can help you confidently navigate the market.
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