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”. 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 months 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, given the current inventory of homes, it is still a seller’s market in Metro Detroit.
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.
As Lawrence Yun, Chief Economist for NAR, says:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
Macomb County Inventory of Homes is Still Low
Macomb Co. Months Supply is still very low (Inventory)
Macomb County Home Prices and Inventory Trends by City
Oakland County Inventory of Homes is Still Low
Oakland Co. Months Supply is still very low (Inventory)
Oakland County Home Prices and Inventory Trends 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.
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.
More Help Is 1️⃣ Click Away⤵️
Contact me with any Questions 🤩 Testimonials Scroll Down…👍
