Michigan Real Estate News

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Detroit’s January Home Sales Up, Southeast Michigan’s Down

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Detroit’s housing market continues to thrive. Sales and prices are rising at a rate unlike others in the metro area. January’s median sales price was almost a third higher than a year ago. Sales are up 3 percent. They’re down in other areas of the region. The number of homes on the market in Detroit is up more than 26 percent. Across southeast Michigan, sales are down 8.8 percent, and listings have decreased 4.3 percent. Supply continues to be lower than the high demand. Homes are selling faster because there are fewer houses on the market, causing buyers to jump on homes quicker.

 

 

Southeast Michigan Housing Market Increases Continue

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Low inventory and increased demand caused the upswing of the 2021 Southeast Michigan housing market. Some areas in the city of Detroit saw the biggest increase in sale prices. One area’s prices jumped an incredible 68%. Detroit had more sales than anywhere in the region, with 2021 marking an 11.1% increase over 2020 and a median value increase of 33.6%. One broker’s theory is that the increase in sales in the city comes from landlords who decided they wanted to get out when the Duggan administration enforced certificates of compliance in order to be eligible for full distributions of coronavirus relief funds.

 

Michigan’s Foreclosure Numbers Highest in the Country

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Michigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.