Southeast Michigan Housing Report April 2023
SEMI 5-County Summary
4,902
Mar. New Listings
+2% from last month
3,638
New Pendings
-10% from last month
3,241
Closed Sales
+26% from last month
$175
Price Per Sq. Ft.
+4% from last month
$294K
Avg. Sale Price
+5% from last month
All Price Ranges
| Jan ’23 | Feb ’23 | Mar ’23 | YTD ’22 | YTD ’23 | YTD (+/-) | |
| Listings Taken | 4,930 | 4,805 | 4,902 | 13,531 | 14,637 | 8% |
| New Pendings | 3,728 | 4,062 | 3,638 | 11,360 | 11,428 | 1% |
| Closed Sales | 2,289 | 2,563 | 3,241 | 9,852 | 8,093 | -18% |
| Price/SF | $166 | $168 | $175 | $173 | $170 | -2% |
| Avg Price | $267,279 | $279,444 | $293,585 | $283,671 | $281,666 | -1% |
<$250k
| Jan ’23 | Feb ’23 | Mar ’23 | YTD ’22 | YTD ’23 | YTD (+/-) | |
| Listings Taken | 2,723 | 2,552 | 2,541 | 7,304 | 7,816 | 7% |
| New Pendings | 2,110 | 2,198 | 2,002 | 6,295 | 6,310 | 0% |
| Closed Sales | 1,329 | 1,363 | 1,694 | 5,498 | 4,386 | -20% |
| Price/SF | $122 | $120 | $122 | $126 | $122 | -4% |
$250k to $500k
| Jan ’22 | Feb ’23 | Mar ’23 | YTD ’22 | YTD ’23 | YTD (+/-) | |
| Listings Taken | 1,508 | 1,413 | 1,559 | 4,267 | 4,479 | 5% |
| New Pendings | 1,202 | 1,396 | 1,197 | 3,720 | 3,795 | 2% |
| Closed Sales | 737 | 929 | 1,148 | 3,266 | 2,814 | -14% |
| Price/SF | $179 | $180 | $185 | $182 | $182 | 0% |
>$500k
| Jan ’23 | Feb ’23 | Mar ’23 | YTD ’22 | YTD ’23 | YTD (+/-) | |
| Listings Taken | 699 | 841 | 802 | 1,960 | 2,342 | 19% |
| New Pendings | 416 | 468 | 439 | 1,345 | 1,323 | -2% |
| Closed Sales | 223 | 271 | 399 | 1,088 | 893 | -18% |
| Price/SF | $237 | $232 | $239 | $243 | $236 | -3% |
Get our Michigan Housing Market Reports right in your inbox
Featured Stories
Southeast, MI Slow Start—Expecting Stronger Second Half
< 1 minute While projections indicate that the influx of new listings should reach last year’s levels during the latter half of this year, there’s still a noticeable delay. Buyers continue to face [...]
Southeast, MI Sales Limited by Supply Thirst for Quality Homes Remains Unquenched
< 1 minute Despite continued strong demand, limited active inventory quantity and quality continues to bottleneck sales. Although March closed sales were up 26% compared to the prior month, a 10% drop in [...]
Michigan Property Taxes in a Nutshell
2 minutes After several years of rapidly rising prices and mild inflation (until this past year) homebuyers and sellers need to be aware of the potential for a significant jump between existing [...]
©2023 Real Estate One. All rights reserved.