Is June’s Home Prices Declining📉🏡💲

Roll up your sleeves. It’s time to get to work, and you can see that June’s Home Prices overall in Metro Detroit are going up or down.

June's Home Prices - Are they Declining in Metro Detroit | Team Tag It Sold

June’s Home Prices: Are They Declining?

If you’ve seen the news lately, you might think home sellers are slashing prices in Metro Detroit. However, headlines can be misleading, so let’s clarify things. Despite what you might hear, home prices are still higher than a year ago. They’re expected to keep rising, just at a slower rate. Here’s what’s happening with June’s home prices. ⤵️

Understanding Asking Price vs. Sold Price

The asking price, or listing price, is what a seller hopes to get for their home. But sellers can’t just set any price and expect buyers to pay it. Today’s buyers are savvy and often budget-conscious because of higher mortgage rates. This means sellers might need to adjust their asking price to attract buyers.

When a home isn’t getting much interest, the seller might lower the asking price to spark new interest. These adjustments are often labeled as “price drops” in headlines, which can sound alarming. Mike Simonsen, CEO and Founder of Altos Research, notes: 

“More homes are seeing price cuts now compared to last year. On the other hand, the sold price is the final amount a buyer pays for a home. It’s important to note that actual sold prices are still rising and are expected to continue increasing for at least the next five years.”

Sometimes, sellers get a little ahead of themselves when pricing. Unfortunately, we don’t track price reductions. When you review Macomb and Oakland County Market updates, there is no indication that prices are declining. 

 Macomb County Market Update for May 2024

June’s Home Prices for Macomb County. As you can see from this graph, median and average sales prices have been up for May and the year to date. The Percentage of the List Price Received is up slightly over 100% of the asking price. 

Macomb County May 2024 Pricing | Team Tag It Sold
TO ENLARGE CLICK PICTURE
Oakland County Market Update for May

June’s Home Prices for Oakland County. As you can see from this graph, median and average sale prices have been up for May and the year to date. The percentage of the list price received is slightly over 100% of the asking price. 

Oakland County May 2024 Prices | Team Tag It Sold
CLICK PICTURE TO ENLARGE

Let’s Review Sold Prices Directly from the Multiple Listing Service. 

As a web developer, you can access my Multiple Listing Service account through a bridge. If you’re looking to purchase, dial into neighborhoods you like or see what homes are selling for using your criteria. If you’re considering selling, compare your home to those already sold to see if prices have gone up or down. 

Macomb County Sold Prices by City

Oakland County Sold Prices by City

What Does This Mean 

Price reductions don’t mean home values are declining. They indicate a moderating demand, with sellers adjusting their expectations to today’s housing market for Metro Detroit. Home values are still growing annually. The Federal Housing Finance Agency (FHFA) reported a 6.6% increase in home prices over the past year, showing that the market is not declining. Even though price reductions can signal moderation in the months ahead, they are not a cause for alarm. Remember, we hear the real estate market nationally on the news. In most cases, home prices aren’t dropping in Metro Detroit. The last step is to take a deep dive into home prices by City and price range and see if they are up or down. 

Macomb County Housing Market Trends by City

Oakland County Housing Market Trends by City. 

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 important. 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.⤵️

Why This Is Good News for Buyers and Sellers

June’s home prices for buyers: More realistically, asking prices mean a better chance to buy a home at a fair price. It also means you can confidently enter the market, knowing prices are stabilizing. June’s home prices for sellers: Adjusting their asking price can lead to faster sales and fewer negotiations. Setting a realistic price can attract serious buyers and make the process smoother.

In Summary for June’s Home Prices

While the rise in price reductions might seem concerning, it’s just the market adjusting to new conditions. June’s Home prices are still growing in Metro Detroit but at a slower pace.

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If you find this information useful, like and share it with your friends and family. 🥰💯
 

 

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Is June's Home Prices Declining📉🏡💲
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Is June's Home Prices Declining📉🏡💲
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Debunking the headlines: Exploring the truth behind June's Home Prices in Metro Detroit. Are sellers really slashing prices?🏡 💲
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Metro Detroit Home Experts | Team Tag it Sold
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