Buyers Can Afford To Be Choosy As Housing Market Slows

With rising interest rates, the fast and furious pandemic-era housing market has slowed. Metro Detroit home buyers have time to make thoughtful choices. Homes are sitting longer, and buyers are able to take time with inspections and decisions. Buyers’ questions have shifted from “How many offers?” to “Can we get a better deal on this house?” As home prices continue to increase, sales are dropping and homes are sitting on the market longer. The average number of days on the market in September was 29. The median sales price is 2.3% higher than last year. Sales are down nearly 20%.