Is it still a Sellers Market in Metro Detroit today? I’ll show you how you can explore what is happening in your city or one you plan to move to.
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
Macomb County Home Prices and Inventory Levels by City
Oakland County Home Prices and Inventory Levels by City
The Advantages of Selling in a Sellers Market
In a seller’s market like the one we’re experiencing, you hold a significant advantage, and here’s why:
As a homeowner in Metro Detroit looking to sell, you’ll find that eager and qualified buyers are actively seeking their dream home. The current shortage of available properties has transformed each new listing into a magnet, drawing in potential buyers.
If you work with a local real estate agent to list your house right now, in good condition and at the right price, it could get much attention.
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 and your 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.
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Key Take Away
Right now, it’s a great time to be a home seller in Metro Detroit due to the high demand and limited supply. Your property will naturally catch the eye of eager buyers searching for more choices. But don’t worry, buyers, there are still excellent opportunities for you, too! Let’s chat to help you navigate the current market conditions in our local area, whether you’re looking to buy or sell.
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The information contained, and the opinions expressed in this article are not intended to be construed as investment advice. Metro Detroit Home Experts ~ Team Tag it Sold does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Metro Detroit Home Experts ~ Team Tag It Sold will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
