Is it Still a Sellers Market Today in Metro Detroit🏡❓

Is the Market Still Tilted toward Sellers in Metro Detroit?

In the ever-evolving world of real estate, we’ve witnessed a shift from the frenzy of the ”unicorn years” when mortgage rates were under 3% and bidding wars on homes. While the pace may have slowed, the truth remains: it’s still a seller’s market. The reason? The supply of homes for sale is remarkably scarce in Metro Detroit.

According to the latest Existing Home Sales Report from the trusted National Association of Realtors (NAR), the housing supply remains remarkably low. This supply is gauged by both the total number of available homes on the market and the monthly supply, which indicates how long it would take to sell all these homes based on current demand. Typically, in a well-balanced market, there’s an inventory that lasts for about six months. However, the present scenario paints a different picture, with only approximately a three-month supply of homes at the current sales pace (as shown in the graph below).

Track Months’ Supply for Inventory Levels

This information isn’t just numbers on a page; it’s your roadmap to making smart, confident decisions in today’s housing market. Whether you’re looking to sell quickly or find your dream home, understanding the current landscape puts you in a strong position.

As the visual shows, Metro Detroit is still a seller’s market, given the current inventory of homes.

Today, we’re nowhere near what’s considered a balanced market. The current month’s supply is half what’s typical of a normal market. That means there aren’t enough homes to go around based on today’s buyer demand.

Macomb & Oakland  County Inventory of Homes is Still Low