Blog > Housing Report > Southeast Michigan > Southeast Michigan Housing Report Year End 2023

Southeast Michigan Housing Report Year End 2023

Subscribe

Get the latest Michigan Housing Reports delivered straight to your inbox!

Select report(s) to receive:

Topics

Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory to gradually rise into a more balanced position as homeowners who have been thinking about selling for the past two years come down off the fence. The lack of inventory had a negative impact on 2023 sales and depleted inventory levels held sales volume down. Through the first half of 2023, prices were down from the prior year. That flipped in June and since then monthly average prices have been up. Overall, while ‘23 values finished just 1% higher than the prior year, YOY values for November and December were up 7% and 8%. Expect this momentum to extend into the early months of 2024. The projected periodic decreases in interest rates through the year should attract additional sellers and buyers. Rates are expected to drop below 6% in the second half of the year.

SEMI 5-County ’23 Annual Summary

58,081

Total Listings
-17% from last year

39,749

Closed Sales
-15% from last year

$183

Price Per Sq. Ft.
+1% from last year

$306K

Avg. Sale Price
+1% from last year

$12.2B

Closed Volume
-15% from last year

Get our Michigan Housing Market Reports right in your inbox

Which report(s) would you like to receive?

Featured Stories

View all →

Washtenaw, Michigan: Over-Asking Offers Driving Up Prices

< 1 minute Buyer demand remains strong despite supply, interest rate, price and property tax challenges. Buyers continue to compete for listings with 69% of April closed sales at or above full asking [...]

Read More

Southeast, Michigan: Over-Asking Offers Driving Up Prices

< 1 minute Buyer demand remains strong despite supply, interest rate, price and property tax challenges. Buyers are actively competing for listings, with 64% of April’s closed sales at or above asking price. [...]

Read More

YTD Summary and What to Expect

< 1 minute Michigan’s NW market runs with a later cycle than the rest of the state. While downstate sales and prices will peak around June, closed sales and prices in the NW [...]

Read More

View all featured stories →