Is Now a Good Time to Buy a House in Metro Detroit?

Is it a good time to buy a house in Metro Detroit? Let’s review Mortgage Rates, Home Prices and Trends and find out! 

Is it a Good Time to Buy a House Right Now in Metro Detroit? 

Are you considering Buying a House in Metro Detroit? You might ask yourself, “Should I buy a house now or hold off?” First, we need to look at Mortgage Rates, and for May, we are heading in the right direction: DOWN. Next, we must examine how mortgage rates impact your payment and home purchasing power. While the final decision is yours, here’s some helpful information to help you choose.

What’s on the Horizon for Home Prices?

Fannie Mae and Pulsenomics release the Home Price Expectations Survey (HPES) every three months. This survey gathers insights from over 100 experts, including economists, real estate professionals, and market strategists, on their predictions for home prices.

According to the latest HPES, these experts anticipate that home prices will continue to rise over the next five years. The Latest Survey (see graph below):

Estimated Home Price increase Performance | Team Tag It Sold for Metro Detroit

The overwhelming green on this chart indicates that they do not foresee any price drops. Instead, they predict a steady increase of 3-4% yearly.

Even though the expected rise in home prices may not be as significant in 2025 as in 2024, these increments can accumulate over time. For instance, if your home’s value increases by 3.78% this year, it is projected to grow by another 3.36% next year and by 3.87% the year after. Ask yourself this question. Do you want to buy a house when prices have stabilized or wait for the potential of huge increases due to supply and demand? 

What Does This Mean for You?

The forecast of rising Home prices should be encouraging if you’re looking to buy a house in Metro Detroit. It suggests that your home is likely to be an asset that appreciates in value over time.

Still not convinced? Take a look at these numbers, which illustrate how a typical home’s value might change in the coming years based on HPES projections. For example, if you buy a home for $400,000 at the beginning of this year, you could gain over $83,000 in household wealth over the next five years as your home’s value increases.

Potential Home Price Growth Over the Next 5 years| Team Tag It Sold for Metro Detroit

Of course, you could choose to wait to buy a house a  – but if you do, you’ll likely end up paying more for a home in the future.

Track Home Prices and Sold Properties

Is Now a Good Time to Buy a House in Metro Detroit | Team Tag It Sold
Macomb County Home Price Trends by City

Oakland County Home Prices Trends by City

Macomb Sold Properties by City

Oakland Sold Properties by City

Final Thoughs

If you’re feeling ready for a change and have the means to do so, buying a house now could be a wise decision. With home prices expected to continue rising, your new home is likely to increase in value in Metro Detroit. I recommend starting with How Mortgage Rates Impact Your Monthly Payment.  Let’s team up to start your home search today!

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Pam Sawyyer @ Metro Detroit Home Experts

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