Real Estate One®

Business to Business

Southeast Michigan 7-Year Sale Index

Summary

Strong buyer demand is being tested by a lack of inventory. Despite a 60% YOY decline in available listings, closed sales are up by 3% (through March 9th). With rising values and fewer entry-priced sales in the mix, average sale price is up 14%. Both YTD new pendings and closed sales are up by 3%, but new listings have been slow to arrive. The growing inventory shortage is stifling sales. Closed sales, which were up 8% YOY in January, were up by just 1% in February. Buyer competition continues to lift values. YOY monthly price per square foot was up by 11% in January and 15% in February.

Download the full report

Monthly Activity

SEMI SF/Condo YTD Summary

	2019	2020	2021	+/-
YTD Units	7,840	8,323	8,560	3%
YTD Vol (million)	$1,642.8	$1,825.6	$2,143.3	17%
Avg Price	$209,545	$219,339	$250,385	14%
Avg $/SF	$130	$133	$152	14%
Avg SF	1,616	1,644	1,651	0%

SEMI Inventory

Weekly New Listings

Weekly New Pendings

Get our Michigan Housing Market Reports right in your inbox

Featured Stories

View all →

Michigan Property Taxes in a Nutshell

2 minutes
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]

Southeast Michigan 2024 Housing: Trends and Predictions

2 minutes
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]

’23 Market Summary and ’24 Predictions

< 1 minute
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
After a few years of supply shortages, inventory began to return to more normal levels in the second half of 2023. Demand remains strong and buyers continue to wait for [...]

View all featured stories →