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Southeast Michigan September 2021

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Topics

6,604

Available Listings
+9% from last month

6,298

New Pendings
+1% from last month

34,004

YTD Closed Sales
+13% from last year

$295K

YTD Avg Sale Price
+17% from last year

$168

YTD Price Per Sq Ft
+16% from last year

Summary

Inventory and buyer options continue to grow—up 9% in the past month. New pendings remain strong but are leveling as sales and values show signs of normalizing into more traditional seasonal patterns. The market has been on an intense run with  extreme demand and sales since June of 2020. That demand is cooling off as 71,000 of our local buyers who had been competing for a home during the past 14 months have succeeded in getting to the closing table. As buyer competition and multiple offers tail off, expect to see prices correct. In the past month, average sale price and price per square foot both declined—down 2% and 1%.

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All66049%62981%1.08%
$10k - 150k176827%1330-2%1.329%
$150k - 250k141312%19316%0.75%
$250k - 500k19703%23690%0.83%
$500k +1453-2%668-5%2.23%

YTD Closed Activity

YTD Closed21 v 2021 v 19$/SF21 v 2021 v 19
All34,00413%1%$168.1416%22%
$10k - 150k7,336-16%-36%$86.897%8%
$150k - 250k9,96110%0%$151.169%13%
$250k - 500k12,71526%27%$173.7012%15%
$500k +3,99286%91%$223.367%8%

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