Blog > Housing Report > Featured Stories > Performance Update and Outlook – Southeast Michigan

Performance Update and Outlook – Southeast Michigan

Subscribe

Get the latest Michigan Housing Reports delivered straight to your inbox!

Select report(s) to receive:

Topics

Appreciation Rates:

Although YTD average price per square foot is up 15% compared to last year, most of that increase came from an increased proportion of upper-end sales. When looking at price appreciation within price ranges:

< $150k: 8%
>$150k to $250k: 8%
>$250k to $500k: 11%
>$500k: 8%

Value Trends:

While there is variation within price ranges, monthly price per square foot peaked in June at $178 and has been slowly declining since—$172
in October.

Market Times:

Average days on market bottomed out in May at 17 days and has been rising since— 27 days in October.

Outlook:

As the market normalizes and seasonality returns, expect buyer demand and prices to temporarily fade while market times increase through the year end and early 2022. Prices will continue to rise in 2022, but at a slower rate. Although the number off upper end sales will continue to increase, those values will be flat compared to lower and middle price ranges.

Get our Michigan Housing Market Reports right in your inbox

Which report(s) would you like to receive?

Featured Stories

View all →

Performance Update and Outlook – Southeast Michigan

< 1 minute Appreciation Rates: Although YTD average price per square foot is up 15% compared to last year, most of that increase came from an increased proportion of upper-end sales. When looking [...]

Read More

Student Loan Hurdle

2 minutes Younger Americans and Michiganders alike are dealing with a hurdle that is slowing down would-be home buyers from entering the housing market. A recent study produced by the National Association [...]

Read More

Normalizing Markets

2 minutes Last year’s lockdowns, work-from-home and virtual schooling had people hyperfocused on finding more space and bigger homes. In the third and fourth quarter as markets reopened, extreme buyer demand set [...]

Read More

View all featured stories →