Blog > Housing Report > Southeast Michigan > Southeast Michigan November 2020
Southeast Michigan November 2020
Topics
- Housing Reports
Subscribe
Get the latest Michigan Housing Reports delivered straight to your inbox!
Topics
6,270
Available Listings
-5% from last month
5,382
New Pendings
-3% from last month
40,069
YTD Closed Sales
-4% from last year
$259K
YTD Avg Sale Price
+9% from last year
$147
YTD Price Per Sq Ft
+6% from last year
Summary
November active listings are down 51% from 2019 and will remain low heading into 2021. Low inventory continues to be a leading driver in rising values, year-to-date average sale price is up 9% over last year. Competition among buyers looks to remain strong with new pendings still ahead of last year by 14% (slight seasonal drop of 3% month-over-month). While all price ranges remain competitive, none more so than homes priced between $150k-$250k with months supply of inventory only 0.6 months. First time home buyers may need to be aggressive to find a home before the end of 2020.
Monthly Activity
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 6,270 | -5% | 5,382 | -3% | 1.2 | -2% |
| $10k - $150k | 1,723 | -1% | 1,454 | -2% | 1.2 | 0% |
| $150k - $250k | 1,063 | -7% | 1,670 | -3% | 0.6 | -4% |
| $250k - $500k | 2,024 | -3% | 1,804 | -3% | 1.1 | 0% |
| $500k+ | 1,460 | -10% | 454 | -4% | 3.2 | -6% |
YTD Closed Activity
| YTD Closed | Change | YTD $/SF | Change | |
| All | 40,087 | -4% | $147 | 6% |
| $10k - $150k | 10,958 | -22% | $83 | 2% |
| $150k - $250k | 12,233 | -3% | $140 | 4% |
| $250k - $500k | 13,847 | 9% | $156 | 4% |
| $500k+ | 3,049 | 17% | $209 | 1% |
Get our Michigan Housing Market Reports right in your inbox
Featured Stories
Michigan Property Taxes in a Nutshell
2 minutes 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 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 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 [...]
©2024 Real Estate One. All rights reserved.