Blog > Housing Report > Southeast Michigan > Southeast Michigan October 2021

Southeast Michigan October 2021

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6,978

Available Listings
+6% from last month

5,859

New Pendings
-7% from last month

39,199

YTD Closed Sales
+10% from last year

$296K

YTD Avg Sale Price
+16% from last year

$169

YTD Price Per Sq Ft
+16% from last year

Summary

Inventory continues to rise while monthly new pendings decline. Last month’s new under-contract sales were down 6% compared to the prior month but still running strong for this time of the year—up 17% compared to the same month in 2019. Active listings rose 6% in the past month and are now up 6% compared to the same time last year. As the market continues to normalize, expect to see more typical seasonality with respect to sales velocity and values. As the extreme buyer demand and competition seen earlier in the year cools, both year-end sales and prices will tail off (see chart above). The shortage of affordable move-in-ready homes will keep those prices up in the middle price ranges but expect most upper price ranges to level.

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All69786%5859-7%1.214%
$10k - 150k199913%1306-2%1.515%
$150k - 250k158012%1784-8%0.921%
$250k - 500k19720%2137-10%0.911%
$500k +1427-2%632-5%2.34%

YTD Closed Activity

YTD Closed21 v 2021 v 19$/SF21 v 2021 v 19
All39,19910%3%$168.7416%22%
$10k - 150k8,283-17%-35%$87.467%8%
$150k - 250k11.5267%1%$151.699%13%
$250k - 500k14,77821%29%$174.0412%16%
$500k +4,61276%94%$223.437%8%

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