Southeast Michigan Market Following Seasonal Trends
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While interest rates have disrupted the market, most of the recent decline in activity is seasonal. Expect year-end activity and prices to decline slightly faster than in recent years, but they close to the pre-pandemic pace of 2019.
Prices have been fading since June, just like they did last year and in most pre-pandemic years. Prices slip in the second half of the year when most of the best listings have been sold off and remaining inventory becomes picked over. Average sale price and price per square foot for October are up 3% and 4% compared to the same month last year. Days on market are rising at a pace that is in line with the season. The best properties continue to sell fastest while average and below-average properties sit and require price reductions. Market times averaged 32 days for properties that accepted sales contracts in October. Those listings that have yet to be selected aging with a 72 day average.
